首都经济贸易大学金融学院招聘启事
工作论文
当前位置:首页 > 工作论文
“结构性”货币政策的有效性研究——基于差别化存款准备金政策的分析
阅读全文         下载全文
TitleResearches on Effectiveness of Structural Monetary Policy in China——Based on Differentiated Deposit Reserve Policy  
作者王立勇 任锦  
AuthorWang Liyong and Ren Jin  
作者单位中央财经大学 
OrganizationCentral University of Finance and Economics 
作者Emailliyongecon@126.com;jinren20@gmail.com 
中文关键词断点回归 双重差分 “结构性” 货币政策 差别化存款准备金 
Key WordsRD; DID; Structural Monetary Policy; Differentiated Deposit Reserve Policy 
内容提要本文采用断点回归和双重差分的识别策略,分别从经济增长和农业发展两个视角研究了差别化存款准备金政策这一试点的“结构性”货币政策的效率效果。研究结果表明:在以经济增长和第一产业产值占比为被解释变量的断点回归模型和双重差分模型中,政策虚拟变量的系数和DID估计量皆显著为正,说明差别化存款准备金政策有效地促进了试点区的经济增长与农业发展,即“结构性”货币政策是有效的,能够实现政策目标。即使变换带宽,政策虚拟变量的系数估计结果变化不大;稳健性检验充分表明两种模型的适用条件和假设能够满足,模型估计结果稳健有效。尽管两种计量方法估计得到的结果在理解上有差异,但是基本结论非常一致。本文同时给出相应理论解释与政策建议。 
AbstractThe article studies the effectiveness of structural monetary policy taking differentiated deposit reserve policy as example with RD and DID models. The results show that in the RD and DID models with economic growth and the proportion of the first industry output value as explained variable, the coefficient of policy dummy variable and DID estimator are significantly positive, which means that differentiated deposit reserve policy and structural monetary policy are indeed effective, that is, it makes economy and agriculture grow faster. Even though the bandwidth is changed, the coefficient of policy dummy variable is almost unchanged. The robustness check shows that the assumption of the two models can meet, the results mentioned above are robust and effective. The results from two models are almost the same. Finally the article gives theoretical explanations and policy suggestions. 
文章编号WP1200 
登载时间2017-06-30 
  • 主管单位:中国社会科学院     主办单位:中国社会科学院经济研究所
  • 经济研究杂志社版权所有 未经允许 不得转载     京ICP备10211437号
  • 本网所登载文章仅代表作者观点 不代表本网观点或意见 常年法律顾问:陆康(重光律师事务所)
  • 国际标准刊号 ISSN 0577-9154      国内统一刊号 CN11-1081/F       国内邮发代号 2-251        国外代号 M16
  • 地址:北京市西城区阜外月坛北小街2号   100836
  • 电话/传真:010-68034153
  • 本刊微信公众号:erj_weixin