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| A Nonlinear Analysis of the Monetary Policies’ Dual-Asymmetric Effects on Industries:Based on STVEC Model |
| ZHANG Shujuan, WANG Xiaotian
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School of Finance, Guangdong University of Foreign Studies;
Strategy Planning Department, Ping An Bank |
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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.
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Received: 30 October 2015
Published: 16 April 2018
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