货币政策成本渠道传导机制——来自制造业的实证研究  

Monetary Policy Transmission Mechanism by Cost Channel:An Empirical Analysis of the Manufacture Industry

作　　者：齐杨[1,2] 柳欣[1] 

机构地区：[1]南开大学经济学院,300071 [2]山东经济学院经济与城市管理学院,250014

出　　处：《上海经济研究》2011年第2期3-10,共8页Shanghai Journal of Economics

摘　　要：根据传统的凯恩斯主义观点,未预期的利率紧缩冲击在短期内将引起投资水平下降,产出减少并且价格下降。但是实际中,利率冲击在短期内往往引起价格上升。成本传导渠道从新的角度重新诠释了利率冲击的传导机制,较好地解释了这一现象。根据这一理论,我们验证了我国成本渠道的存在性并检验其效应,发现虽然成本渠道效应小于需求渠道效应,但是利率冲击通过成本渠道对价格的影响仍较为显著。According to the Keynes＇s view, interest rate shock would cut down the investment level, which may reduce output and price level. However, in fact, the interest rate shock often accompanies with the higher price. The cost channel explains this using monetary policy transmission mechanism. This paper studies the cost channel of China. Although the cost channel effect is no bigger than the demand channel effect, the affects on price are notable by cost channel.

关 键 词：利率冲击 成本渠道 货币政策效应 利率效应 

分 类 号：F822.0[经济管理—财政学]