發(fā)布時間：2018-06-08 19:57

  本文選題：貨幣政策 + 產(chǎn)業(yè)非對稱效應(yīng)��； 參考：《云南大學(xué)》2014年碩士論文

【摘要】：貨幣政策是央行進(jìn)行宏觀調(diào)控的重要手段之一,而貨幣政策在不同經(jīng)濟主體的非對稱效應(yīng)卻影響了央行貨幣政策實施的效果,并對“一刀切”的統(tǒng)一貨幣政策調(diào)控方式提出了質(zhì)疑。貨幣政策的產(chǎn)業(yè)非對稱效應(yīng)是基于經(jīng)濟主體的中觀層面來對貨幣政策在不同產(chǎn)業(yè)的影響差異進(jìn)行分析,具有一定的可比性。本文通過理論分析發(fā)現(xiàn)價格粘性、貨幣政策傳導(dǎo)、產(chǎn)業(yè)異質(zhì)性指標(biāo)等均影響了貨幣政策在產(chǎn)業(yè)間的效力,特別是產(chǎn)業(yè)異質(zhì)性指標(biāo)是導(dǎo)致貨幣政策對不同產(chǎn)業(yè)效力不同的根本原因。 本文的實證研究分為兩個部分,本文的第一部分,首先衡量了貨幣政策在不同政策方向上對不同產(chǎn)業(yè)的影響效力,發(fā)現(xiàn)擴張性的貨幣政策的效力并不顯著,而緊縮性的貨幣政策的效力比較顯著且在不同行業(yè)表現(xiàn)出差異性的影響；其次,本文在貨幣政策產(chǎn)業(yè)效應(yīng)的研究中加入了經(jīng)濟周期因素,發(fā)現(xiàn)經(jīng)濟周期變量強化了緊縮性貨幣政策的效力,而削弱了擴張性貨幣政策效力,并且經(jīng)濟周期變量對貨幣政策的影響作用在產(chǎn)業(yè)間也表現(xiàn)出非對稱的特征。 本文的第二部分首先利用產(chǎn)業(yè)異質(zhì)性指標(biāo)對不同政策方向的貨幣政策在不同產(chǎn)業(yè)間的效力差異進(jìn)行解釋,發(fā)現(xiàn)產(chǎn)業(yè)的利率敏感性指標(biāo)與貨幣政策效力正相關(guān),產(chǎn)業(yè)資產(chǎn)負(fù)債表指標(biāo)與貨幣政策效力負(fù)相關(guān),產(chǎn)業(yè)所有制屬性如國有資產(chǎn)占比與貨幣政策效力負(fù)相關(guān)；其次,本文將產(chǎn)業(yè)異質(zhì)性指標(biāo)對不同經(jīng)濟周期的貨幣政策在不同產(chǎn)業(yè)的效力差異進(jìn)行解釋,發(fā)現(xiàn)產(chǎn)業(yè)利率敏感性指標(biāo)增強了衰退期貨幣政策的效力；產(chǎn)業(yè)所有制指標(biāo)與產(chǎn)業(yè)規(guī)模指標(biāo)削弱了衰退期貨幣政策的效力；資產(chǎn)負(fù)債表指標(biāo)與流動性指標(biāo)增強了衰退期貨幣政策的效力。 本文通過實證研究發(fā)現(xiàn)貨幣政策的產(chǎn)業(yè)效應(yīng)與產(chǎn)業(yè)異質(zhì)性指標(biāo)有顯著的相關(guān)性,產(chǎn)業(yè)異質(zhì)性指標(biāo)不僅在政策方向上對貨幣政策效力產(chǎn)生影響,在經(jīng)濟周期中其對貨幣政策效力的影響更為明顯。我國貨幣政策的制定應(yīng)該考慮到不同的產(chǎn)業(yè)特征,并出臺相關(guān)配套的產(chǎn)業(yè)政策與財政政策。
[Abstract]:Monetary policy is one of the important means for the central bank to carry out macro-control, but the asymmetric effect of monetary policy in different economic bodies affects the effect of the central bank's monetary policy implementation. At the same time, the unified monetary policy regulation and control mode of "one size fits all" is questioned. The industrial asymmetric effect of monetary policy is based on the meso-level of economic subject to analyze the difference of monetary policy in different industries, which has certain comparability. Through theoretical analysis, this paper finds that price stickiness, monetary policy transmission and industrial heterogeneity all affect the effectiveness of monetary policy among industries. In particular, the index of industrial heterogeneity is the root cause of the different effectiveness of monetary policy on different industries. The empirical research in this paper is divided into two parts. First of all, it measures the effect of monetary policy on different industries in different policy directions, and finds that the effect of expansionary monetary policy is not significant. The contractility of monetary policy is significant and different in different industries. Secondly, this paper adds the economic cycle factor to the study of the industrial effect of monetary policy. It is found that the economic cycle variable strengthens the effectiveness of contractionary monetary policy and weakens the effect of expansionary monetary policy. And the influence of economic cycle variables on monetary policy also shows asymmetric characteristics among industries. The second part of this paper first uses industry heterogeneity indicators to different policy direction of monetary policy in different industries. The differences in effectiveness are explained, It is found that the index of interest rate sensitivity of industry is positively related to the effectiveness of monetary policy, the index of industrial balance sheet is negatively correlated with the effectiveness of monetary policy, the attribute of industrial ownership such as the proportion of state-owned assets is negatively correlated with the effectiveness of monetary policy. In this paper, the industrial heterogeneity index is used to explain the effects of monetary policy in different economic cycles in different industries, and it is found that the index of industrial interest rate sensitivity enhances the effectiveness of monetary policy during recession. The index of industrial ownership and the index of industrial scale weaken the effectiveness of monetary policy during the recession; The balance sheet index and liquidity index enhance the effectiveness of monetary policy during the recession. The empirical study shows that the industrial effect of monetary policy is significantly related to the industrial heterogeneity index. Industrial heterogeneity not only has an effect on the effectiveness of monetary policy in the policy direction, but also has an obvious effect on the effectiveness of monetary policy in the economic cycle. The formulation of monetary policy in China should take different industrial characteristics into account, and introduce related industrial policies and fiscal policies.
【學(xué)位授予單位】：云南大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F822.0;F121.3

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本文編號：1997010