| | | | | 中国货币政策非中性——货币—产出的因果关系和影响关系检验 | | | 刘金全;刘志强 | | | 货币—产出之间的影响关系涉及到货币政策的有效性和需求管理政策的可行性。我们对货币—产出之间影响关系的一些典型化事实进行了理论分析和统计检验 ,发现一些具有代表性的典型化事实在我国经济运行当中并不成立。这说明在目前实行稳健性货币政策的过程当中 ,我国货币政策的非中性原因和政策传导机制具有与政策工具和市场条件相关的特性。
【作者单位】：吉林大学数量经济研究中心 吉林长春130012
(刘金全);吉林大学商学院 吉林长春130012(刘志强)
【关键词】：货币—产出关系;货币中性;货币政策;Granger影响
【基金】：国家自然科学基金项目 (7990 0 0 2 5 );国家社会科学基金项目 (0 2BJY0 1 9);教育部重大项目 (2 0 0 0ZDXM790 0 0 9)
【分类号】：F822.0
【DOI】：cnki:ISSN:0257-2834.0.2002-04-000
【正文快照】：
大量的统计检验发现 ,一些国家货币供给上出现的扰动经常同实际产出当中的扰动序列相关。[1 ]但如何解释这种统计现象 ?它具有什么经济政策启示 ?这对制定货币政策和检验货币政策作用是至关重要的。Ｆｒｉｅｄｍａｎ和Ｓｃｈｗａｒｔｚ研究发现 :当经济扩张时 ,货币存量中存在 | | | | | |  推荐 下载CAJ全文  下载PDF全文 | | | CAJViewer7.0阅读器支持所有CNKI文件格式，AdobeReader仅支持PDF格式 | | | | Non-neutrality of Monetary Policy in China: Testing for the Money-Output Causality and Correlation | | | LIU Jin quan 1;LIU Zhi qiang 2 (1 Quantitative Research Center of Economics;Jilin University;Changchun;Jilin;130012;China;2 Business School;Jilin University;Changchun;Jilin;130012;China) | | | In this paper, firstly, we present some stylized facts about the causal relationship between money and output, and explain their economic implications Secondly, we use the econometric methods to test these stylized facts in China's economy, and we find that most of these stylized facts do not hold in China's economy Thirdly, we get some conclusions about the non-neutrality and effectiveness of monetary policies
【Keyword】：money-output relationship;neutrality of money;monetary policy;Granger causality |
| | | | | | 1 | Chow,Gregory C.; Money and Price Level Determinationin China [M];Journal ofComparative Economics; (1987),年 | | 2 | Gregory Chow,Yan Shen; Money,Price Level and Output inthe Chinese Macro Economy [M];CEPS Working Paper No 98,; 2004年 | | 3 | Hasan,Mohammad S.; Monetary Growth andInflationin China:AReexamination. [M];Journal ofComparative Economics; 1999年 | | 4 | R.G Hubbard; Is there a‘creditchannel‘of Monetary Policy? [M];Federal Rosere Bank of ST.Louis Economic Review; 1995年 | | 5 | Allan H.Mehzer; “Money,Credit and(other)Transmission Process:A Monetarist Perspective” [M];The Journal of Economic Perspectives; 1995年 | | 6 | Kydland,F.E.,and E.C Prescott; “Business Cycles:Real Facts and a Monetary Myth”, [M];Federal Reserve Bank of Minne- apolis Quarterly Review; (199)年 | | 7 | ENGLE, ROBERT F, GRANGER C W J; Co- integration and Error Correction [M];Econometrica; 1987年 | | 8 | A. Pagan; Rational and Polynomial Lags [M];Journal of Econometrics; 1978年 | | 9 | Archer,David J; “Inflation Targeting in New Zealand” [M];; 2000年 | | 10 | Drew,Aaron; “Lessons from inflation targeting in New Zealand” [M];Work- ing Papers Central Bank of Chile 113,Central Bank of Chile; 年 |
|
|
|