中国货币政策产业非对称效应研究

发布时间：2018-06-08 19:57

本文选题：货币政策 + 产业非对称效应　；参考：《云南大学》2014年硕士论文

【摘要】：货币政策是央行进行宏观调控的重要手段之一,而货币政策在不同经济主体的非对称效应却影响了央行货币政策实施的效果,并对“一刀切”的统一货币政策调控方式提出了质疑。货币政策的产业非对称效应是基于经济主体的中观层面来对货币政策在不同产业的影响差异进行分析,具有一定的可比性。本文通过理论分析发现价格粘性、货币政策传导、产业异质性指标等均影响了货币政策在产业间的效力,特别是产业异质性指标是导致货币政策对不同产业效力不同的根本原因。本文的实证研究分为两个部分,本文的第一部分,首先衡量了货币政策在不同政策方向上对不同产业的影响效力,发现扩张性的货币政策的效力并不显著,而紧缩性的货币政策的效力比较显著且在不同行业表现出差异性的影响；其次,本文在货币政策产业效应的研究中加入了经济周期因素,发现经济周期变量强化了紧缩性货币政策的效力,而削弱了扩张性货币政策效力,并且经济周期变量对货币政策的影响作用在产业间也表现出非对称的特征。本文的第二部分首先利用产业异质性指标对不同政策方向的货币政策在不同产业间的效力差异进行解释,发现产业的利率敏感性指标与货币政策效力正相关,产业资产负债表指标与货币政策效力负相关,产业所有制属性如国有资产占比与货币政策效力负相关；其次,本文将产业异质性指标对不同经济周期的货币政策在不同产业的效力差异进行解释,发现产业利率敏感性指标增强了衰退期货币政策的效力；产业所有制指标与产业规模指标削弱了衰退期货币政策的效力；资产负债表指标与流动性指标增强了衰退期货币政策的效力。本文通过实证研究发现货币政策的产业效应与产业异质性指标有显著的相关性,产业异质性指标不仅在政策方向上对货币政策效力产生影响,在经济周期中其对货币政策效力的影响更为明显。我国货币政策的制定应该考虑到不同的产业特征,并出台相关配套的产业政策与财政政策。
[Abstract]:Monetary policy is one of the important means for the central bank to carry out macro-control, but the asymmetric effect of monetary policy in different economic bodies affects the effect of the central bank's monetary policy implementation. At the same time, the unified monetary policy regulation and control mode of "one size fits all" is questioned. The industrial asymmetric effect of monetary policy is based on the meso-level of economic subject to analyze the difference of monetary policy in different industries, which has certain comparability. Through theoretical analysis, this paper finds that price stickiness, monetary policy transmission and industrial heterogeneity all affect the effectiveness of monetary policy among industries. In particular, the index of industrial heterogeneity is the root cause of the different effectiveness of monetary policy on different industries. The empirical research in this paper is divided into two parts. First of all, it measures the effect of monetary policy on different industries in different policy directions, and finds that the effect of expansionary monetary policy is not significant. The contractility of monetary policy is significant and different in different industries. Secondly, this paper adds the economic cycle factor to the study of the industrial effect of monetary policy. It is found that the economic cycle variable strengthens the effectiveness of contractionary monetary policy and weakens the effect of expansionary monetary policy. And the influence of economic cycle variables on monetary policy also shows asymmetric characteristics among industries. The second part of this paper first uses industry heterogeneity indicators to different policy direction of monetary policy in different industries. The differences in effectiveness are explained, It is found that the index of interest rate sensitivity of industry is positively related to the effectiveness of monetary policy, the index of industrial balance sheet is negatively correlated with the effectiveness of monetary policy, the attribute of industrial ownership such as the proportion of state-owned assets is negatively correlated with the effectiveness of monetary policy. In this paper, the industrial heterogeneity index is used to explain the effects of monetary policy in different economic cycles in different industries, and it is found that the index of industrial interest rate sensitivity enhances the effectiveness of monetary policy during recession. The index of industrial ownership and the index of industrial scale weaken the effectiveness of monetary policy during the recession; The balance sheet index and liquidity index enhance the effectiveness of monetary policy during the recession. The empirical study shows that the industrial effect of monetary policy is significantly related to the industrial heterogeneity index. Industrial heterogeneity not only has an effect on the effectiveness of monetary policy in the policy direction, but also has an obvious effect on the effectiveness of monetary policy in the economic cycle. The formulation of monetary policy in China should take different industrial characteristics into account, and introduce related industrial policies and fiscal policies.
【学位授予单位】：云南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F822.0;F121.3

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