CAJ | 학술논문

本文以2006年10月-2012年9月中国人民银行的沟通实践为样本，采用EGARCH模型检验我国中央银行沟通对金融资产价格的影响。实证结果显示：（1）中央银行沟通对金融资产价格有一定影响，且影响的方向符合中央银行预期，但效果不够明显，特别是对长期利率的影响微弱；（2）口头沟通对金融资产价格的影响比书面沟通更明显；（3）央行行长沟通对金融资产价格的影响大于他人沟通。本文的研究结果表明，中央银行沟通可作为非常规货币政策工具，与其他货币政策工具配合使用，以丰富政策工具的组合菜单；在沟通策略上，应注重口头沟通与行长沟通，提高沟通效果。
본문이2006년10월-2012년9월중국인민은행적구통실천위양본，채용EGARCH모형검험아국중앙은행구통대금융자산개격적영향。실증결과현시：（1）중앙은행구통대금융자산개격유일정영향，차영향적방향부합중앙은행예기，단효과불구명현，특별시대장기리솔적영향미약；（2）구두구통대금융자산개격적영향비서면구통경명현；（3）앙행행장구통대금융자산개격적영향대우타인구통。본문적연구결과표명，중앙은행구통가작위비상규화폐정책공구，여기타화폐정책공구배합사용，이봉부정책공구적조합채단；재구통책략상，응주중구두구통여행장구통，제고구통효과。
Based on the sample of the PBC＇s communication practice from October 2006 to September 2012, the paper uses EGARCH models to examine the influence of central bank communication on the financial asset price in China. The empirical study shows that ：（ 1 ） Central bank communication has certain influence on the financial asset price, and the direction is consistent with the central bank＇s expectations, but the effect is not obvious＇, especially the impact on long - term rates is weak ; （ 2 ） The effect of verbal communication on financial asset price is more obvious than written communication; （3） Communication of the central bank governor has greater impact on the financial asset price than others. The results of this study indicate that central bank communication as unconventional monetary policy tools, used together with other monetary policy tools, to enrich the combina- tion of policy tools menu ; on communication strategy, central bank should pay more attention to verbal commu- nication and communication of the central bank governor, to improve communication effect.