数量型和价格型货币政策传导效率的比较分析——基于2011—2020年宏观经济的月度数据  

A Comparative Analysis of the Transmission Efficiency of Quantity-based and Price-based Monetary Policy:Based on Monthly Macroeconomic Data from 2011-2020

作　　者：朱瑶 黄文平 ZHU Yao;HUANG Wenping(Zhejiang Gongshang University,Hangzhou Zhejiang 310018,China;Zhejiang University of Finance&Economics Dongfang College,Jiaxing Zhejiang 314408,China)

机构地区：[1]浙江工商大学,浙江杭州310018 [2]浙江财经大学东方学院,浙江嘉兴314408

出　　处：《顺德职业技术学院学报》2023年第2期59-68,共10页Journal of Shunde Polytechnic

摘　　要：数量型货币政策和价格型货币政策在传导机制、传导路径、传导效率等方面都体现出不同程度的差异。文章采用2011—2020年我国宏观经济的月度数据,选取银行业同业拆借利率、社会融资规模增长率、广义货币供应量增长率作为货币政策传导的中介指标,选取GDP增长率、通货膨胀率、上证综指月度收盘价以及国房景气指数作为货币政策的目标数据,通过建立VAR模型来检验两类货币政策作用的效率差异。研究结果发现,我国数量型货币政策比价格型货币政策对宏观经济有着更为显著的影响。基于此,就完善我国货币政策工具、提高货币政策的有效性提出政策建议。Quantitative monetary policy and price monetary policy are different in transmission mechanism,transmission path,transmission efficiency and so on.Based on the monthly macroeconomic data of China from 2011 to 2020,this paper selects the interbank offered rate,the social financing scale growth rate,and the generalized money supply growth rate as the intermediary indicators of monetary policy transmission,and selects GDP growth rate,inflation rate,Shanghai composite index monthly closing price,and national housing boom index as the target data of monetary policy,and tests the efficiency differences between the two types of monetary policies by establishing VAR model.The results show that China's quantitative monetary policy has a more significant impact on the macro-economy than the price monetary policy.Based on this,the author puts forward targeted suggestions on the perfection of China's monetary policy tools and the improvement of the efficiency of monetary policy.

关 键 词：数量型货币政策 价格型货币政策 VAR模型 传导效率 

分 类 号：F832.33[经济管理—金融学]