改革与战略
改革與戰略
개혁여전략
Reformation & Strategy
2015年
5期
38~43
,共null页
货币政策 传导效应 VAR
貨幣政策 傳導效應 VAR
화폐정책 전도효응 VAR
monetary policy; transmission; VAR
文章运用向量自回归模型,针对美联储应对次贷危机所实施的非常规货币政策的传导机制——承诺效应、资产负债表扩张效应和资产负债表结构变化效应进行实证分析。实证结果表明,承诺效应和资产负债表扩张效应发挥了修复信贷和促进经济复苏的作用,而资产负债表结构变化效应改善了市场信贷,但对实体经济并未产生显著作用。
文章運用嚮量自迴歸模型,針對美聯儲應對次貸危機所實施的非常規貨幣政策的傳導機製——承諾效應、資產負債錶擴張效應和資產負債錶結構變化效應進行實證分析。實證結果錶明,承諾效應和資產負債錶擴張效應髮揮瞭脩複信貸和促進經濟複囌的作用,而資產負債錶結構變化效應改善瞭市場信貸,但對實體經濟併未產生顯著作用。
문장운용향량자회귀모형,침대미련저응대차대위궤소실시적비상규화폐정책적전도궤제——승낙효응、자산부채표확장효응화자산부채표결구변화효응진행실증분석。실증결과표명,승낙효응화자산부채표확장효응발휘료수복신대화촉진경제복소적작용,이자산부채표결구변화효응개선료시장신대,단대실체경제병미산생현저작용。
In this paper, Vector Autoregressive model is applied to analyze the transmission mechanism shaping interest-rate expectations, expanding the size of the central bank＇s balance sheet and altering the composition of the central bank＇s balance sheet, of the unconventional monetary policy conducted during financial crisis. Results show that shaping interest-rate expectations and expanding the size of the central bank＇ s balance sheet effectively repaired the credit market and promote economic recovery, while altering the composition of the central bank＇ s balance sheet merely improved credit market but did not produce a significant role in the real economy.
