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选取我国2003-2015年八大行业季度产值和固定资产投资季度完成额为样本,基于我国历年行业投入产出表构建GVAR模型检验了我国货币政策信贷传导渠道行业异质性效应,实证结果表明我国八大行业对数量型货币政策波动在响应程度和响应趋势方面存在显著差异,通过格兰杰因果关系检验的结果表明我国货币政策信贷传导渠道沿着货币供应量→信贷规模→投资→产出渠道传导。
This paper chooses the quarterly output value of China’s eight major industries and the final quarterly investment in fixed assets from 2003 to 2015 as a sample, constructs a GVAR model based on China’s industrial input-output tables over the years and tests the heterogeneity effect of China’s monetary policy on credit transmission channels industry. The empirical results show that China’s eighth The fluctuation of the quantitative monetary policy in the industry shows significant differences in response degree and response trend. The result of Granger causality test shows that the transmission channels of monetary credit in our country are along the channel of money supply → credit scale → investment → output channel.