国际金融研究
國際金融研究
국제금융연구
Studies of International Finance
2012年
6期
28~35
,共null页
货币政策冲击 区域非对称效应 宏观政策协调成本 欧元区 VAR模型
貨幣政策遲擊 區域非對稱效應 宏觀政策協調成本 歐元區 VAR模型
화폐정책충격 구역비대칭효응 굉관정책협조성본 구원구 VAR모형
Monetary Policy Shocks; Regional Asymmetric Effect; Macroeconomic Policy Coordination Cost; Eurozone; VAR Model
本文试图在开放宏观框架下检验欧元区单一货币政策冲击给各成员国带来的区域非对称效应。首先，通过考察欧元区货币政策传导渠道检验区域非对称效应的产生机制；其次，运用VAR模型和脉冲响应函数（IRFs）检验货币政策区域效应的程度：最后，运用分时段VAR模型检验货币政策区域效应的内生性。结果表明．欧洲单一货币政策对各成员国产生非对称冲击，且非对称效应未出现收敛性．欧元区宏观政策协调的成本和难度加大。
本文試圖在開放宏觀框架下檢驗歐元區單一貨幣政策遲擊給各成員國帶來的區域非對稱效應。首先，通過攷察歐元區貨幣政策傳導渠道檢驗區域非對稱效應的產生機製；其次，運用VAR模型和脈遲響應函數（IRFs）檢驗貨幣政策區域效應的程度：最後，運用分時段VAR模型檢驗貨幣政策區域效應的內生性。結果錶明．歐洲單一貨幣政策對各成員國產生非對稱遲擊，且非對稱效應未齣現收斂性．歐元區宏觀政策協調的成本和難度加大。
본문시도재개방굉관광가하검험구원구단일화폐정책충격급각성원국대래적구역비대칭효응。수선，통과고찰구원구화폐정책전도거도검험구역비대칭효응적산생궤제；기차，운용VAR모형화맥충향응함수（IRFs）검험화폐정책구역효응적정도：최후，운용분시단VAR모형검험화폐정책구역효응적내생성。결과표명．구주단일화폐정책대각성원국산생비대칭충격，차비대칭효응미출현수렴성．구원구굉관정책협조적성본화난도가대。
This article attempts to inspect the regional asymmetric effects of European single monetary policy under the framework of open cs. First of all, we test the generating mechanism of regional asymmetric effects through investigating the transmission channel of monetary policy; secondly, we use VAR model and impulse response functions （IRFs） to test the regional effects of monetary policy empirically; thirdly, we use time interval VAR model to test the endogenity of regional effects of monetary policy. The results show that, the European single currency policy has produced asymmetric shocks on each member, and the asymmetric effects have not presented convergence. Euro zone＇s macroeconomic policy coordination will be costly and difficult.
