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本文运用协整检验、脉冲响应函数和方差分解等计量分析方法,通过建立向量自回归模型来定量分析1993年至2012年间货币渠道和信贷渠道在浙江省传导的差异以及对浙江省产出的影响,从而发现货币渠道和信贷渠道共同作用于货币政策在浙江省的传导,货币渠道具有相对重要性,是货币政策在浙江省传导的主要渠道。
In this paper, we use the method of cointegration test, impulse response function and variance decomposition to establish the vector autoregressive model to quantitatively analyze the differences of conduction between the monetary channel and the credit channel in Zhejiang Province from 1993 to 2012 and the impact on the output of Zhejiang Province , So as to find that the monetary channel and the credit channel work together on the transmission of monetary policy in Zhejiang Province. The monetary channel is of relative importance and is the main channel through which monetary policy is conducted in Zhejiang Province.