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1、effectivenessofmonetarypolicy,whethermonetarypolicyhaseffect,andhowmicro—foundationsaffecttheofmonetarypolicy.Abovetheseliteratures,authorhassomedoubtfulpoints,forexamplehowtomeasurethestateofmonetarypolicyThesecondchapterappliesmonetarypolicytheory,micro—economytheoryandgameth
2、eorytoparticularlyanalyzethemechanismofmicro..foundationsinfluencingtheofmonetarypolicy.Atthefirstauthorregulatespresuppositionsofthethesis.Secondauthoranalysestheroleofmicro—foundation,especiallymanufacturers’anticipation,inmonetarypolicytransmission.Thirdauthorfartheranalyzes
3、howcanmicro—foundationandcentralbankgametoreachtheoptimizationoftheofmonetarypolicy.FinallyauthorfocusesOntheintensityfactorsofindustriesandprovesthatChinesemonetarypolicyhasdifierenteffectsacrossindustries.Thethirdchapteristhecoreofthethesis,whichempiricallyanalyzestherelation
4、shipbetweenmonetarypolicyandmanufacturers’anticipation,andmeasuretheimpactofmonetarypolicyshocksOiltheoutputsofdifferentindustriesinChina.AuthormakesHodrickandPrescottfilter,Grangertest,vectorialmodelingofautoregression(VAR),andimpulseresponsefunction(IRF)tosustaintheconclusion
5、softhesecondchapter.Itconcludesthatthesignalofmonetarypolicycan’tchanneloffmanufacturers’anticipation,andtheimpactsonthefirstandthesecondindustriesarebiggerthanontheotherindustries.Inthelastchapter,theauthorsummarizestheconclusionsofthisthesisandmakessomesuggestionsonthecorevie
6、wpointthathowtoenhancetheofmonetarypolicyinChina.Partthree:ThemaincontributionsofthisthesisFirstistheangleofthethesis.ThisthesisemphasesOnempiricalanalyzetherelationshipbetweenmonetarypolicyandmanufacturers’anticipation,andmeasuretheimpactofmonetarypolicyshocksontheoutputsofdif
7、ferentlndustriesinChina.ThisISverynovelty.Secondistheapproachofthisthesis.TheestablishmentandusageofVARmodelistherealhighlightin、thisthesis.VARmodelwasputforwardatfirstbySims(1972),anditdemonstratesthedynamicstructureofthemodelwiththedata,whichisresultedfromallcurr.entvariable’
8、Sregressiontoitsseverallaggingvariablewithinthemodel.W