中国近二十年货币政策的轨迹:价格规则还是数量规则
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财经研究 2012 年 第 38 卷第 10 期, 页码：5 - 15
摘要
参考文献
摘要
我国宏观经济在过去的20年高增长和高波动并存,2000年后波动有所减弱。文章利用1992-2011年的宏观经济数据,实证检验了货币政策的价格规则和数量规则。研究发现,汇率在货币政策规则中反应不显著,数量规则对产出和通胀的反应比价格规则更显著;2000年前后货币规则发生了结构性变化,货币政策对通胀的反应具有动态时变特征;数量规则比价格规则对产出和通胀的调控更有效。
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[2]卞志村,毛泽盛.开放经济下中国货币政策操作规范研究[J].金融研究,2009,(8):61-74.
[3]万晓莉.我国货币政策能减小宏观经济波动吗?基于货币政策反应函数的分析[J].经济学(季刊),2011,(2):435-456.
[4]谢平,罗雄.泰勒规则及其在中国货币政策中的检验[J].经济研究,2002,(3):3-12.
[5]Clarida C,Gali J,Gertler M.Monetary policy rules and macroeconomic stability:Evi-dence and some theory[J].Quarterly Journal of Economics,2000,115(1):147-180.
[6]Koivu T,Mehrotra A,Nuutilainen R.An analysis of Chinese money and prices using a McCallum-type rule[J].Journal of Chinese Economic and Business Studies,2009,7(2):219-235.
[7]Kim C J,Nelson C R.Estimation of a forward-looking monetary policy rule:A time-va-rying parameter model using ex post data[J].Journal of Monetary Economics,2006,53:1949-1966.
[8]McCallum B.Alternative monetary policy rules:A comparison with historical settingsfor the United States,the United Kingdom and Japan[J].NBER Working PaperNo.7725,2000.
[9]Mehrotra A,Sánchez-Fung J R.China’s monetary policy and the exchange rate[R].Federal Reserve Bank of San Francisco Working Papers,2010.
[10]Sims C A,Zha T.Were there regime switching in US monetary policy rule?[J].American Economic Review,2006,96:54-81.
[11]Taylor J B.Discretion versus policy rules in practice[J].Carnegie-Rochester Confer-ence.Series on.Public Policy,1993,39:195-214.
[12]Taylor J B.The role of the exchange rate in monetary policy rules[J].AmericanEconomic Review,2001,91:263-267.
引用本文
方成, 丁剑平. 中国近二十年货币政策的轨迹:价格规则还是数量规则[J]. 财经研究, 2012, 38(10): 5–15.
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