| 摘要: |
| 利用协整检验和Granger Cause检验，比较分析1994—2008年中国货币政策主要传导渠道效应，认为信贷渠道和货币渠道共同发挥作用，但信贷渠道起主要作用，利率途径、汇率途径只是作为辅助机制、补充机制而存在。进一步，分析了我国货币政策传导机制产生差异的原因，并提出提高货币政策传导效应的建议。 |
| 关键词: 货币政策 传导机制 协整检验 Granger Cause检验 |
| DOI： |
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| Analysis of the effects of Chinese monetary policy transmission channels |
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WANG Zhen jie, TAO Shi gui
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| Abstract: |
| The co-integration test and Granger-Cause test are used to compare and analyze the effects of main transmission channels of Chinese monetary policy during 1994-2008. The result shows that credit channel and monetary channel play mutual role but the credit channel plays a major role and that, as aided and supplementary mechanism, interest rate and exchange rate are existing. Further, this paper analyzes the reasons for that Chinese monetary policy produces the difference and provides the suggestions for improving the monetary policy conduction effect. |
| Key words: monetary policy transmission mechanism co integration test Granger Cause test |
