摘要
本文通过构建包含金融交易成本的货币政策产出效应模型,研究金融开放度对货币政策有效性的作用。然后,根据中国的实际经济情况,运用校准法模拟金融开放程度对我国货币政策产出效应的影响。最后,利用面板数据进行实证分析,认为金融开放度的增加短期内将削弱货币政策对产出的影响,但从长期来看,金融开放度的提高将对长期产出调整起积极作用。
The paper research on the influence of financial openness on output effects of monetary policy,by constructed the model of output effects of monetary policy including financial transaction cost.According to China＇s actual economic situation,we use the calibration method for simulation the financial openness effects on output of monetary policy.Finally,using an empirical analysis of panel data,we believe that in the short term financial openness increases will weaken the impact of monetary policy on output,but for the long term,financial openness would increase long-term positive effect on output adjustment.
出处
《财经科学》
CSSCI
北大核心
2010年第6期41-49,共9页
Finance & Economics
关键词
金融开放度
产出效应
交易成本
Financial Openness
Output Effect
Transaction Costs
