货币政策金融加速器效应研究——基于家庭部门的实证分析  

A Research on the Financial Accelerator of Monetary Policies:An Empirical Analysis of Household Sector

作　　者：黄燕辉[1] 

机构地区：[1]广州大学经济与统计学院,广东广州510006

出　　处：《广州大学学报（社会科学版）》2017年第4期71-74,共4页Journal of Guangzhou University:Social Science Edition

基　　金：国家社科基金项目(14CJY068)

摘　　要：基于2005年第二季度至2014年第三季度数据对我国货币政策金融加速器效应及其非线性进行实证分析,脉冲响应结果表明我国货币政策存在金融加速器效应,并且利率冲击的金融加速器效应大于货币供给冲击的金融加速器效应;而EGARCH模型实证结果则表明金融加速器效应存在非对称性,具体表现为紧缩性货币政策金融加速器效应大于扩张性货币政策金融加速器效应。研究结论对央行制定和实施货币政策以调控房地产市场具有一定的参考价值。This paper analyzes theoretically the mechanism of financial accelerator of monetary policies and studies empirically the effect of financial accelerator based on the data from 2005Q2 to 2014Q3. Impulse Response Function shows that the monetary policies have the effect of financial accelerator, and the financial accelerator of in- terest rate is stronger than that of money supply. EGARCH Model proves that the financial accelerator has the char- acter of asymmetry, and the effect of financial accelerator under the tight monetary policies is stronger than that un- der the expansionary monetary policies.

关 键 词：货币政策 金融加速器 房地产市场 

分 类 号：F830.9[经济管理—金融学]