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我国居民的“高储蓄,低消费”是长期存在的问题,居民作为宏观经济重要的微观基础,是国家宏观调控的最终落脚点,居民的消费储蓄行为对货币政策的效果产生重要的影响。本文以居民消费储蓄行为这一微观主体行为为基础,选用2000年第四季度至2014年第一季度的季度数据,运用VAR模型和脉冲响应函数实证分析我国居民消费储蓄行为对货币政策效应的影响。
The residents in our country have longstanding problems such as “high savings and low consumption”. Residents, as the most important micro foundation of macroeconomy, are the ultimate goal of national macroeconomic regulation and control. Residents’ consumption and saving behaviors have an important influence on the effect of monetary policy . Based on the microcosmic behavior of residents’ consumption and savings behavior, this paper chooses quarterly data from the fourth quarter of 2000 to the first quarter of 2014, and uses VAR model and impulse response function to empirically analyze the impact of household consumption saving behavior on the monetary policy effect .