论文部分内容阅读
在不同经济状态下同一产业对货币政策具有相同反应的假设,本文建立非线性STVEC模型和广义脉冲响应函数,研究货币政策产业效应的双重非对称性,并将金融加速器研究拓展到产业层面。首先,我国货币政策对同一产业的影响在不同经济状态下表现非对称性,对各产业的影响中存在金融加速器效应。其次,在相同经济状态下,货币政策对不同产业的影响也表现出明显的非对称性,主要原因是不同产业在要素密集度和企业类型分布等方面存在差异。
Under the assumption that the same industry has the same response to monetary policy under different economic conditions, this paper establishes a nonlinear STVEC model and a generalized impulse response function to study the double asymmetry of the monetary policy industry effect and expand the research on financial accelerator to the industrial level. First of all, the impact of China’s monetary policy on the same industry shows asymmetry under different economic conditions, and there are financial accelerator effects on the various industries. Second, under the same economic conditions, the impact of monetary policy on different industries also shows obvious asymmetry, mainly due to differences in factors such as the concentration of factors and the distribution of enterprises in different industries.