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| 摘要: |
| 本文选取了2004年～2006年我国公开市场操作中的央行7天正回购利率、三个月期央行票据发行利率和1年期央行票据发行利率,以及相对应时期的货币市场利率和中期国债利率,对其进行了统计分析、协整检验和因果关系检验,以此研究公开市场业务对我国市场利率的影响,研究我国公开市场业务的有效性和局限性. |
| 关键词: 公开市场操作 协整检验 因果检验 市场利率 |
| DOI： |
| 分类号:F830.9[著者标引] |
| 基金项目: |
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| Empirical test of the effectiveness of the open market operation |
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JIANG Yang
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| Abstract: |
| Using the statistics data of the central bank 7 - day repo rate, the issuing rates of 3 - month and 1 - year central bank paper in open market operations from 2004 to 2006 , as well as the money market rates and medium - term treasury bond rates in the same period, this paper conducts statistical analysis, Cointegration Test and Causality Tests to find the impact of open market opera- tions on market interest rate for studying the effectiveness and limitation of open market operations. |
| Key words: open market operations Cointegration Test Causality Tests market interest rate |
