产业异质性与货币政策传导――基于GVAR模型的实证分析
Industrial heterogeneity and monetary policy transmission： An empirical analysis based on GVAR model

摘 要： 以要素禀赋差异作为产业异质性的划分基础，通过产业间的投入产出关系构建GVAR模型，采用2003―2014年的月度数据实证了我国产业异质性对不同货币政策工具传导的影响。实证结果表明：不同要素禀赋的产业，对不同货币政策工具的反应程度存在较大差异，从而说明产业异质性影响货币政策的传导。基于此，我国货币政策需要基于产业异质性进行结构性调整，以适应以优化产业结构为核心的经济结构调整。
Abstract: With the differences of factor endowment as the basis of the partition of industry heterogeneity, the present study, by using inter-industry input-output relationship, constructs the global vector autoregressive (GVAR) model, and, by employing the monthly data during 2003-2014, conducts an empirical test on the effects of industry heterogeneity on the conduction of various monetary policy tools. Empirical results show that, to industries with different factor endowment, there exist considerable differences in their responses to various monetary policy tools, which suggests that industry heterogeneity affects the conduction of various monetary policies. Therefore, structural adjustment based on industry heterogeneity is needed in monetary policy in our country so as to be adapted to the adjustment of our economical structure whose core is to optimize industrial structure