Experimental Study on Chinas Interest Rate Policy Output Effect

摘要：

This paper applies regression analysis and Granger test to make an empirical analysis on Chinas interest rate policy output effect and its transmission effect.The conclusion is Chinas interest rate policy output effect does exist,but the effect is weak on the whole.Nominal interest rate output effect hardly exists,while there is evident negative correlation and causality between real interest rate and output.Chinas interest rate policy output effect is weak because the transmission pathway of interest rate and output is obstructed.It is mainly reflected as investment and consumption is not influenced sensitively by the change of interest rate,and the transmission effect of interest rate change is not so good.Comparatively,the transmission effect of the change of interest rate (especially real interest rate) is more evident.

关键词： Interest rate Output effect Transmission effect

作者: TANG Anbao LI Yan

作者单位: School of Management,China University of Mining and Technology,Xuzhou,P.R.China,221116

会议类型: 国际会议

会议名称: 2007 International Conference on Management Science and Engineering(2007管理科学与工程国际学术会议)

会议地点: 河南焦作

会议语种:英文

页码: 1694-1700

在线出版日期: 2007-08-20（万方平台首次上网日期，不代表论文的发表时间）