本文選題：貨幣政策　切入點(diǎn)：利率期限結(jié)構(gòu)　出處：《浙江理工大學(xué)》2017年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：貨幣政策傳導(dǎo)機(jī)制是貨幣政策的核心內(nèi)容,貨幣政策傳導(dǎo)機(jī)制的效率直接影響貨幣政策調(diào)控宏觀經(jīng)濟(jì)的效率。其中,貨幣政策利率傳導(dǎo)機(jī)制是最為基礎(chǔ)和重要的。在當(dāng)前經(jīng)濟(jì)金融活動(dòng)日益證券化、市場(chǎng)化和國(guó)際化的背景下,利率的作用顯得尤為重要,利率也已經(jīng)成為了貨幣政策能否傳導(dǎo)到實(shí)體經(jīng)濟(jì)的關(guān)鍵因素。隨著我國(guó)利率市場(chǎng)化的穩(wěn)步推進(jìn),利率傳導(dǎo)效應(yīng)在我國(guó)貨幣政策傳導(dǎo)過(guò)程中的作用將會(huì)越來(lái)越重要。進(jìn)而,研究我國(guó)貨幣政策的利率傳導(dǎo)機(jī)制有效性具有重要的現(xiàn)實(shí)意義,它有助于加深我們對(duì)中國(guó)宏觀經(jīng)濟(jì)金融運(yùn)行中的許多現(xiàn)實(shí)問(wèn)題的認(rèn)識(shí),有助于我們弄清阻礙貨幣政策傳導(dǎo)的體制性和制度性問(wèn)題,從而為政府進(jìn)一步深化金融改革提供理論依據(jù)。本文在整體結(jié)構(gòu)上共分為以下六個(gè)部分:第一部分為緒論,主要包括本研究的背景、目標(biāo)和意義,以及內(nèi)容和方法。第二部分回顧了貨幣政策利率渠道相關(guān)研究的理論文獻(xiàn)基礎(chǔ);綜述了貨幣政策利率渠道的國(guó)內(nèi)外最新研究狀況,在利率市場(chǎng)化改革進(jìn)程中貨幣政策利率渠道的影響以及國(guó)外金融自由化下的利率傳導(dǎo)情況;并簡(jiǎn)要說(shuō)明下目前的貨幣政策利率渠道研究可能存在的問(wèn)題。第三部分結(jié)合中國(guó)的實(shí)際情況綜合分析利率分割條件下的消費(fèi)效應(yīng)和投資效率,闡述其傳導(dǎo)機(jī)制提出了假說(shuō);研究分析了利率期限結(jié)構(gòu)在貨幣政策利率渠道傳導(dǎo)中的影響;基于主流的利率期限結(jié)構(gòu)理論,從而分析利率期限結(jié)構(gòu)對(duì)貨幣政策利率傳導(dǎo)渠道的影響。第四部分闡述了中國(guó)利率市場(chǎng)化進(jìn)程;從利率與產(chǎn)出結(jié)構(gòu)關(guān)系波動(dòng)、金融市場(chǎng)分割下的利率分割以及不同利率期限結(jié)構(gòu)與產(chǎn)出的關(guān)系波動(dòng)上分析我國(guó)貨幣政策利率傳導(dǎo)渠道傳導(dǎo)的有效性程度及其變動(dòng)趨勢(shì)。第五部分運(yùn)用計(jì)量模型來(lái)探討我國(guó)貨幣政策利率渠道的有效性程度及利率期限結(jié)構(gòu)對(duì)貨幣政策利率渠道的影響,并檢驗(yàn)利率與消費(fèi)效應(yīng)、投資效率的理論假說(shuō)。并分析貨幣政策利率傳導(dǎo)渠道的有效性及不同利率期限結(jié)構(gòu)對(duì)貨幣政策利率渠道的影響。第六部分根據(jù)第四部分實(shí)證分析得出研究結(jié)論:中國(guó)貨幣政策利率渠道在對(duì)實(shí)體經(jīng)濟(jì)的傳導(dǎo)過(guò)程中的有效性有所增強(qiáng),利率期限結(jié)構(gòu)對(duì)貨幣政策的實(shí)施和通貨膨脹預(yù)期變得更為有效;并提出政策建議:繼續(xù)發(fā)展并培育市場(chǎng)化的基準(zhǔn)利率體系;加強(qiáng)貨幣市場(chǎng)和資本市場(chǎng)之間的聯(lián)動(dòng)反應(yīng)機(jī)制。
[Abstract]:Monetary policy transmission mechanism is the core content of monetary policy. The efficiency of monetary policy transmission mechanism directly affects the efficiency of monetary policy regulation and control of macro economy. The transmission mechanism of interest rate of monetary policy is the most basic and important. Under the background of increasing securitization, marketization and internationalization of economic and financial activities, the role of interest rate is particularly important. Interest rate has also become a key factor in whether monetary policy can be transmitted to the real economy. With the steady progress of interest rate marketization in China, the effect of interest rate conduction will become more and more important in the transmission process of monetary policy in China. It is of great practical significance to study the effectiveness of the interest rate transmission mechanism of China's monetary policy, which is helpful to deepen our understanding of many practical problems in China's macroeconomic and financial operation. It is helpful for us to find out the institutional and institutional problems that hinder the transmission of monetary policy, so as to provide the theoretical basis for further deepening the financial reform. This paper is divided into the following six parts in the overall structure: the first part is the introduction. The second part reviews the theoretical basis of monetary policy interest rate channel research, summarizes the latest domestic and foreign research situation of monetary policy interest rate channel. The influence of monetary policy interest rate channel in the process of interest rate marketization reform and the transmission of interest rate under foreign financial liberalization; The third part analyzes the consumption effect and investment efficiency under the condition of interest rate segmentation, and puts forward the hypothesis of the transmission mechanism. This paper analyzes the influence of term structure of interest rate on the transmission of interest rate channel of monetary policy; based on the mainstream theory of term structure of interest rate, Then it analyzes the influence of term structure of interest rate on the transmission channel of interest rate of monetary policy. The fourth part expounds the process of interest rate marketization in China, and analyzes the fluctuation of the relationship between interest rate and output structure. This paper analyzes the validity of the transmission of interest rate transmission channel in China's monetary policy and its changing trend in terms of the interest rate segmentation under the segmentation of the financial market and the fluctuation of the relationship between the term structure of different interest rates and the output. The fifth part uses the econometric model. To explore the effectiveness of the interest rate channel of monetary policy in China and the influence of the term structure of interest rate on the interest rate channel of monetary policy. And examine interest rates and consumption effects, The theoretical hypothesis of investment efficiency, and the analysis of the effectiveness of monetary policy interest rate transmission channel and the different interest rate term structure on the monetary policy interest rate channel. The effectiveness of interest rate channels in China's monetary policy has increased in the transmission process to the real economy. The term structure of interest rate becomes more effective to the implementation of monetary policy and the expectation of inflation, and puts forward some policy suggestions: to continue to develop and cultivate the market-oriented benchmark interest rate system, and to strengthen the linkage reaction mechanism between the money market and the capital market.
【學(xué)位授予單位】：浙江理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：F822.0;F832.5

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