Abstract:
Releasing the assumed linearity i.e. the same influence of monetary policy on the same industry in different economic state in the prior related research, the paper constructs STVEC model and generalized impulse response functions to study the dual-asymmetric effects of monetary policies on industries. Meanwhile, the related research of financial accelerator is stretched to industrial layer. Firstly, the asymmetric effects and financial accelerator effects exist in monetary policies on the same industry in different economic states. Secondly, there are marked asymmetric effects in the monetary policy acting on the deferent industries in the same economic state, mainly because of the heterogeneity of factor density and enterprise type distribution in the different industries.
张淑娟, 王晓天. 货币政策产业效应的双重非对称性研究——基于STVEC模型的非线性分析[J]. 金融研究, 2016, 433(7): 17-32.
ZHANG Shujuan, WANG Xiaotian. A Nonlinear Analysis of the Monetary Policies’ Dual-Asymmetric Effects on Industries:Based on STVEC Model. Journal of Financial Research, 2016, 433(7): 17-32.
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