基于利率传导下的我国货币政策有效性实证分析
本文借助了多种检验方法，并建立了误差修正模型，来验证货币供应量作为中介目标、利率作为传导途径的有效性。检验结果表明货币供应的确能够通过市场利率对产出产生影响，但在货币供应——市场利率——产出的传导途径上存在滞后性，并且传导的效率不高。
关键词 利率传导机制 格兰杰因果关系检验 ADF检验 协整检验 误差修正模型
毕业论文外文摘要
Title A STUDY ON THE EFFECTION OF INTEREST RATE TRANSMISSION IN CHINA
Abstract
Transmission mechanism of monetary policy is the transmission channel that the central bank uses multiple monetary policy tools to affect intermediate indicators, and finally to achieve the policy goal. In the past years, many western countries use interest rate to replace the money supply as a new monetary policy transmission channel. China is carrying forward interest rate marketization reform and focusing on the interest rate channel. From 1993, China began to frequently use interest rate tool to regulate financial market. In this context, the research topic of this paper is analyzing interest rate transmission mechanism and examine its validity, and coming up with related suggestions.
This paper examines the effectiveness of transmission mechanism of interest rate by using many test methods and ECM. The result shows that monetary supply can have effects on the outputs by interest rate but lags exist in money supply-- interest rate-- output transmission channel, and the transmission efficiency is low.
Keywords interest rate transmission mechanism ADF test co-integration test Granger causality ECM
目 次
1.1 绪论 ………………………………………………………………………………………………
1.1 研究背景与问题提出 …………………………………………………………………………
1.2 国内外研究现状 ………………………………………………………………………………
1.3 研究定位和主要内容 …………………………………………………………………………
2.1 基本概念与相关理论回顾 ……………………………………………………………………
2.1 货币政策及其政策工具 ……………………………………………………………………
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