摘要
我国的货币作用机制与西方市场经济国家的情形具有较大的差别 ,不论是预期的货币供给冲击 ,还是非预期的货币供给冲击 ,对产出的影响均非中性 ,说明货币供给在推动我国经济的运行中仍起着关键性的作用 .更进一步分析发现 ,货币供给 M1的冲击对产出的影响具有对称性 ,而货币供给 M2的冲击对产出的影响具有非对称性 ,且这种非对称性与西方国家的情形刚好相反 ,正的货币冲击对经济增长具有明显的促进作用 ,而负的货币冲击虽对经济增长有一定的抑制作用 ,但与正的货币冲击相比 ,其强度在统计意义上要弱很多 .
Monetary policies effects are very different between China and the western countries, whether the anticipated money growth or the unanticipated money growth all rejected the neutrality to output, which imply that the money supply growth has played an important role to promote the Chinese economic growth. Furthermore, we find that the money supply shock of M1 has the symmetric effects, while the money supply shock of M2 has the asymmetric effects, and the asymmetry is opposite to the western countries: positive money supply shock has significant effect to output, but the negative money supply shock has no significant effect to output.
出处
《管理科学学报》
CSSCI
2000年第2期34-41,共8页
Journal of Management Sciences in China
基金
国家自然科学基金资助项目! (79790 130 )
