關鍵詞:中央(yang)銀行(xing)溝(gou)通 貨幣政策(ce) 市場利率 預期
摘要:中(zhong)(zhong)(zhong)(zhong)央(yang)(yang)銀(yin)行(xing)(xing)溝通(tong)(tong)作(zuo)為(wei)一種新型的(de)(de)貨幣(bi)政策(ce)操作(zuo)方式,逐(zhu)漸得到(dao)學界(jie)和業界(jie)的(de)(de)重視(shi),通(tong)(tong)過中(zhong)(zhong)(zhong)(zhong)央(yang)(yang)銀(yin)行(xing)(xing)溝通(tong)(tong)引導市(shi)(shi)(shi)場利(li)率(lv)已經(jing)成為(wei)各國(guo)中(zhong)(zhong)(zhong)(zhong)央(yang)(yang)銀(yin)行(xing)(xing)貨幣(bi)政策(ce)工具箱中(zhong)(zhong)(zhong)(zhong)常(chang)用工具。本文借鑒Blinder et al.(2008)的(de)(de)方法,從(cong)總供給和總需求和角度闡述(shu)了中(zhong)(zhong)(zhong)(zhong)央(yang)(yang)銀(yin)行(xing)(xing)溝通(tong)(tong)行(xing)(xing)為(wei)影(ying)響(xiang)市(shi)(shi)(shi)場利(li)率(lv)的(de)(de)理論機(ji)制,使用2004年(nian)1季度~2018年(nian)4季度的(de)(de)數(shu)據,采用VAR模(mo)型對其影(ying)響(xiang)機(ji)制進行(xing)(xing)實證研究,研究發現(xian)中(zhong)(zhong)(zhong)(zhong)央(yang)(yang)銀(yin)行(xing)(xing)溝通(tong)(tong)影(ying)響(xiang)市(shi)(shi)(shi)場利(li)率(lv)存(cun)在兩條途徑:一是中(zhong)(zhong)(zhong)(zhong)央(yang)(yang)銀(yin)行(xing)(xing)溝通(tong)(tong)直接影(ying)響(xiang)短期利(li)率(lv)預期,進而(er)影(ying)響(xiang)中(zhong)(zhong)(zhong)(zhong)長期利(li)率(lv);二(er)是中(zhong)(zhong)(zhong)(zhong)央(yang)(yang)銀(yin)行(xing)(xing)溝通(tong)(tong)可以影(ying)響(xiang)中(zhong)(zhong)(zhong)(zhong)長期利(li)率(lv),中(zhong)(zhong)(zhong)(zhong)長期利(li)率(lv)的(de)(de)變化影(ying)響(xiang)總產(chan)出水平(ping),總產(chan)出水平(ping)變化又將影(ying)響(xiang)通(tong)(tong)貨膨脹和市(shi)(shi)(shi)場利(li)率(lv)。
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