关键词: 货币政策 , 非对称效应 , 向量自回归

Abstract:

:To describe the feature of Chinese economy，this paper introduces the exponential smoothing transition structure vector autoregressive (ESTSVAR) model to study the asymmetric effect of general monetary policies on output and price The key conclusions are as followsFirstly, monetary policies have asymmetric effect on output and price level, which depends on the economic situation Secondly, we use the Granger asymmetric causality test to enhance the robustness of our conclusion Thirdly, we suggest the government should guide capital into middle and small business for that can reduce the asymmetric effect of monetary policy.

Key words: monetary policy , asymmetric effect , vector autoregression