货币政策时滞

浅析货币政策时滞问题兼论我国货币政策有效性

Time Lag in Monetary Policy and Validity of Chinese Monetary Policy

通货紧缩时期货币政策时滞的存在只是对中央银行提出了更高的要求，并不表示主动性货币政策完全无效。

The phenomenon of time lag in currency policy does not indicate dysfunction of active currency policy , but rather , a rise in requirement for the central bank .

与此同时，人们也开始思考，是什么导致了如此之长的货币政策时滞？信用衍生产品是否影响货币政策的传导机制？信用衍生品交易泡沫的破灭引起的金融风暴随即把信用衍生品推到了风口浪尖处。

At the same time , people started thinking : what led to so long delay of the monetary policy ? Do the credit derivatives affect monetary policy transmission mechanism ?

货币政策效应时滞分析&脉冲响应函数与方差分解

Time Lag Analysis on the Effect of Monetary Policy-Impulse Response Function and Variance Decomposition

货币政策效应时滞是影响一国货币政策有效性的重要因素之一。

The effect lag is one of the important factors affecting the validity of the monetary policy .

我国货币政策外部效应时滞研究

A Study on the Outside Time Lag in Monetary Policy of China

中国的财政货币政策存在着时滞效应，不同的工具变量时滞不同；

A time lag objectively exists and for various tools the lag differs ;

本文探讨了货币政策外部效应时滞的形成机制，并从中找出影响货币政策外部效应时滞的主要因素。

The dissertation explores formation mechanism of the outside time lag in effect of monetary policy , from which we find the main factors affecting it .

系统地研究货币政策外部效应时滞问题，不但对理论界研究货币政策的效应，而且对今后中央银行选择适当的时机进行宏观调控以提高我国货币政策的有效性有着重要的意义。

A systematic study on the outside time lag has a theoretical meaning and the important practical value to the increase of the effective adjustment and validity of the monetary policy .

我国货币政策的内部效应时滞问题研究

A Study on the Inside Time Lag of Monetary Policy in China

货币政策的内部效应时滞是影响货币政策实现预期目标的因素之一。

The inside time lag of monetary policy is one factor that influences the Central Bank to achieve the desired target of monetary policy .

这一部分主要是对货币政策股市传导效应时滞的含义及其形成机制进行了规范性的分析。

This part mainly defines the effect time lag of monetary policy transmission in the stock market and gives a normative analysis to the effect time lag formation mechanism .

我国商业银行的信贷配给呈现关系型信贷配给的特征，具有两方面的作用一是自发抑制宏观经济波动，二是拉长货币政策发挥作用的时滞。

The paper points out that the credit rationing of ~ China 's commercial banks has two functions , one is to voluntarily balance the macroeconomic fluctuation , the other is to prolong the time lag of monetary policy .

通过运用协整回归、格兰杰因果检验、脉冲响应函数及方差分解等实证分析方法研究表明，信用衍生品的发展弱化了货币政策的效果，增大了货币政策时滞的不确定性。

By using analysis methods of Regression of cointegration , Granger causality test , Impulse response function and Variance decomposition as empirical studies , we found that the development of credit derivatives weaken the effectiveness and increased the time-delay uncertainty of monetary policy .

在货币政策实施过程中，由于货币政策的时滞性，这就需要央行在制定政策时更多地依据未来的通货膨胀信息，以此提高货币政策的有效性。

Because of the time delay of monetary policy , it requires the central bank depend on the information of future inflation to make policy , which enhance the effectiveness of monetary policy .

货币政策的科学决策主要包括对货币政策取向的决策、货币政策调控力度的决策、货币政策工具运用的决策和货币政策时滞的判断的决策等内容。

Scientific decision-making includes the decision of monetary policy orientation , of the toughness of monetary policy ; of instruments , and of the time lag judgment .

货币政策汇率传导途径对增强货币政策有效性的作用主要是：第一，拓宽货币政策作用渠道；第二，减少货币政策传导时滞。

Exchange rate transmission channel mainly has two functions : first , expand the monetary policy transmission channels .