摘要
为应对全球性的经济衰退,我国在调整经济结构的同时辅以宽松的货币政策稳定经济,仅2009年上半年信贷投放量就高达7.37万亿元人民币,房地产和股票价格大幅攀升,通胀预期日趋明显。在此情形下,评估当前货币政策对于市场利率的短期和长期的效果极为重要。本文通过研究发现,货币冲击能够降低不同期限的基准利率,且利率的期限越短,受货币冲击的影响越显著;预期通胀对于不同期限的影响冲击为正,且利率期限越长,利率受预期通胀的影响越大。
To respond to the global economic crisis, Chinese government has been changing economic structure as well as loosing monetary, basement to stabilize the economy. Only within the first half year of 2009,737 billion loans have been made by banks, making real estate and stock price soar rapidly. Under this circumstance, estimating the effect of current monetary policy is vitally important. The research of this paper reveals that, monetary shocks will decrease the level of interest rate, and the longer the yield maturity,the weaker the impact of monetary shock to interest rate; on The other hand,the expectation inflation has positive impact on interest rate and the longer the yield maturity, the stronger the impact on interest rate.
出处
《东北财经大学学报》
2009年第6期82-85,共4页
Journal of Dongbei University of Finance and Economics
基金
辽宁省教育厅高等学校创新团队研究项目(2007T041)
关键词
货币冲击
利率期限结构
预期通胀
monetary shock
interest rate of term structure
expectation inflation
