摘要
根据传统的凯恩斯主义观点,未预期的利率紧缩冲击在短期内将引起投资水平下降,产出减少并且价格下降。但是实际中,利率冲击在短期内往往引起价格上升。成本传导渠道从新的角度重新诠释了利率冲击的传导机制,较好地解释了这一现象。根据这一理论,我们验证了我国成本渠道的存在性并检验其效应,发现虽然成本渠道效应小于需求渠道效应,但是利率冲击通过成本渠道对价格的影响仍较为显著。
According to the Keynes＇s view, interest rate shock would cut down the investment level, which may reduce output and price level. However, in fact, the interest rate shock often accompanies with the higher price. The cost channel explains this using monetary policy transmission mechanism. This paper studies the cost channel of China. Although the cost channel effect is no bigger than the demand channel effect, the affects on price are notable by cost channel.
出处
《上海经济研究》
CSSCI
北大核心
2011年第2期3-10,共8页
Shanghai Journal of Economics
关键词
利率冲击
成本渠道
货币政策效应
利率效应
Interest rate shock
cost shock
monetary policy shock effect
liquidity effect
