摘要
目前我国资金价格呈现市场价格与管制价格双轨并行特征。针对资金价格市场"双轨并行"的情况,从一脉相承的价格双轨制改革的创新角度引申到资金价格双轨制,并在货币政策利率传导的双轨道框架内,通过VAR向量自回归方法分别比较研究了市场利率和管制利率渠道作用于消费、投资、物价和总产出水平等国民经济各个方面的传导效应。实证研究表明:市场利率和管制利率的传导效应都不显著,且存在和理论相悖的情况,这在一定程度上也抵消了利率调整的政策效果。
The money price presents a two-track feature in the present China. Based on this situ- ation, this article makes an extension from the original ＂dual-track＂ system of price to the ＂du- al-track＂ system of money price from an innovative perspective. Within the ＂dual-track＂ frame of interest conduction of monetary policy, by using VAR, this article makes a comparative study of the conductive effect of market interest rates and the regulated rates on the various as- pects of the national economy, such as consumption, investment, prices and output. According to the empirical studies, the conclusion is presented as follows：the conductive effect of the mar- ket interest rates and the regulated interest rates is not significant, and moreover it contradicts the theory,which Partly offsets the effect of the adjustment of interest rate in nolicv
出处
《金陵科技学院学报（社会科学版）》
2013年第3期5-12,共8页
Journal of Jinling Institute of Technology(Social Sciences Edition)
关键词
价格改革
资金价格双轨制
传导机制
the price reform
＂dual-track＂ system of money price
conduction mechanism
