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Three essays on monetary policy, the financial market, and economic growth in the U.S. and China.

机译：关于美中货币政策，金融市场和经济增长的三篇文章。

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摘要

Does monetary policy affect the real economy? If so, what is the transmission mechanism or channel through which these effects occur? These two questions are among the most important and controversial in macroeconomics. This dissertation presents some new empirical evidence that addresses each question for the U.S. and Chinese economies. Literature on monetary transmission suggests that the monetary policy can take effect on the real economy through several ways. The most noteworthy one is credit channels, including the bank lending channel and the interest channel.;First, I use a new method to test for structural breaks in the U.S. monetary policy history and present some new empirical evidence to support an operative bank lending channel in the transmission mechanism of monetary policy. Results show that an operative bank lending channel existed in 1955 to 1968, and its impact on the economy has become much smaller since 1981, but it still has a significant buffering effect on output by attenuating the effect of the interest channel.;Second, I adopt the recently developed time series technique to explore the puzzling negative correlation between output and stock returns in China currently, and posit that it is due to a negative link between monetary policy and stock returns when monetary policy increases output. The monetary policy has not been transmitted well in the public sector which is the principal part of Chinese stock market, and increased investment capital from monetary expansion goes to real estate sector instead of the stock market.;Last, I demonstrate how monetary policy has been transmitted into the public and private sectors of China through the credit channel. The fundamental identification problem inherent in using aggregated data that leads to failure in isolating demand shock from supply shock is explicitly solved by introducing control factors. I find that the monetary policy has great impact on private sector rather than public sector through credit channel in China.;These findings have important practical implications for U.S. and China's economic development by improving the efficiency of the monetary policy because a comprehensive understanding of monetary transmission will lead to better policy design.
机译：货币政策会影响实体经济吗？如果是这样，发生这些影响的传播机制或渠道是什么？这两个问题是宏观经济学中最重要和最有争议的问题。本文提出了一些新的经验证据，可以解决美国和中国经济的每个问题。有关货币传导的文献表明，货币政策可以通过多种方式对实体经济产生影响。最值得一提的是信贷渠道，包括银行贷款渠道和利息渠道。首先，我使用一种新方法来测试美国货币政策历史上的结构性突破，并提出一些新的经验证据来支持有效的银行贷款渠道。在货币政策的传导机制中。结果表明，有效的银行贷款渠道存在于1955年至1968年，自1981年以来它对经济的影响已大大减小，但是通过削弱利息渠道的影响，它仍然对产出具有显着的缓冲作用。运用最新开发的时间序列技术来探索当前中国产出与股票收益之间令人困惑的负相关性，并认为这是由于货币政策增加产出时货币政策与股票收益之间存在负相关性。货币政策在作为中国股票市场主要组成部分的公共部门中没有很好地传递，货币扩张带来的增加的投资资金流向了房地产部门，而不是股票市场。通过信贷渠道传播到中国的公共部门和私营部门。通过引入控制因素可以明确解决使用汇总数据所固有的基本识别问题，该问题导致无法将需求冲击与供应冲击隔离。我发现货币政策通过中国的信贷渠道对私营部门而不是公共部门产生了巨大影响;这些发现通过提高货币政策的效率对美国和中国的经济发展具有重要的实际意义，因为对货币传导的全面理解将导致更好的政策设计。

著录项

  • 作者

    Yang, Juan.;

  • 作者单位

    Texas A&M University.;

  • 授予单位 Texas A&M University.;
  • 学科 Economics General.;Economics Theory.;Economics Finance.
  • 学位 Ph.D.
  • 年度 2006
  • 页码 138 p.
  • 总页数 138
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类 经济学;财政、金融;经济学;
  • 关键词

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