A Study of the Double Asymmetry in the Effects of Monetary Policy in China：An Industry Transmission Channel Perspective
- 2013年 
【中文摘要】中国货币政策存在地区间和经济周期不同阶段的双重非对称性。运用面板数据一可行广义最小二乘法(FGLS)可估计货币政策的产业传导效应,进而探讨货币政策在经济周期不同 阶段与区域的效应非对称性原因。研究发现，紧缩货币政策的效应在经济衰退时要比繁荣时的更大，且这种经济周期性的非对称性程度存在区域差异。不同的产业具有不同的产业特性，因而不同地区的产业结构差异导致中国地区间货币政策效应双重非对称性。央行应根据产业分布特点， 在保持统一货币政策的前提下，实行差别化的货币政策操作，最大限度地减少不同阶段因产业而导致的区域效应。 【Abstract】There is double asymmetry in the effects of monetary policy (MP) between different regions as well as between different periods of economic cycles in China. We estimate the industry transmission effects of MP by using panel da-ta-feasible generalized least squares (FGLS) , and then we explore causes of the asymmetry in the effects of MP in different stages and regions in the economic cycle. This study finds that the effect of tightening MP is greater in recessions than in booms, and that the degree of cyclical asymmetry of MP varies from region to region. The double asymmetry in the effects of MP is powerfully explained by various industrial characteristics. Characteristics of different industries and differences of industrial structures among different regions all lead to double asymmetry in the effects of MP between different regions in China. It is suggested that China's central bank should implement, on the precondition of a unified MP, differentiated operations of MP according to the characteristics of different stages and regional distributions of industries with a view to minimi¬zing regional effects resulting from industries in different stages.