摘要
货币政策的资产价格传导机制主要通过两种途径：一种是基于Q理论的＂托宾效应＂实现的,另一种是基于莫迪利亚尼的＂消费财富效应＂实现的。随着我国股票市场的发展,部分学者对我国股市财富效应进行了理论和实证分析;但是,对基于财富效应的货币政策传导机制的研究并不丰富。本文利用2002年第二季度至2007年第三季度的上证综指,广义货币、消费支出和国内生产总值,借助协整检验、格兰杰因果检验进行实证分析。研究结果表明：财富效应在货币政策传导机制中的作用有限,货币政策主要通过其它传导途径发挥作用。
Asset price conduction mechanism of monetary policy is based on two effects： one is the Q theory of the ＂Tobin Effect＂,and the other is Modigliani’s ＂Consumer Wealth Effect＂ .As the Chinese stock market develop rapidly,a few scholars analyzed the Chinese stock wealth effect theoretically and empirically,however,the research on monetary policy conduction mechanism based on Consumer Wealth Effect is not rich.This article selected the data from Shanghai Composite Index from 2nd quarter of 2002 to 3rd quarter 2007,broad concept of money,consumption and GDP,and carried on the real diagnosis analysis with the advantage of cointegration test and Granger test.The findings indicated that the consumer wealth effect is limited in the monetary policy conduction mechanism and the functions of monetary policy are achieved mainly through other ways.
出处
《金融发展研究》
2010年第7期9-13,共5页
Journal Of Financial Development Research
关键词
协整检验
格兰杰因果检验
货币政策传导机制
cointegration test
Granger causality test
monetary policy conduction mechanism
