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On the Asymmetric Effect and Effectiveness of Monetary Policy:LSTVAR Model and Its Application

WANG Liyong;Central University of Finance and Economics;  
The asymmetr y and effectiveness of monetar y polic y is an important research topic in the field of monetary policy and the focus of policy authorities.According to the characteristics of China's monetar y policy,this paper first analyzes the asymmetric effect of monetary policy by means of LSTVAR model.It is found that under the low growth condition,the output effect of the positive and negative impact of the credit,and the price effect of the positive and negative impact of the interest rate have significant asymmetry.Under the high growth condition,the positive and negative impact of the interest rate and credit has significant asymmetry;the positive and negative impacts of the currency,the interest rate and the credit have significant asymmetric price effects.In the positive impact,the output effect of money and credit,and the price effect of interest rate and credit have significant asymmetry in different economic states.In the negative impact,the credit output effect and price effect are more obvious asymmetry.Moreover,under the condition of low growth,the expansion output effect of credit and the price effect of money and credit expansion are stronger.In the high growth state,the tightening output effect of money and the tightening price effect of money and credit are stronger.Secondly,this paper analyzes the validity of monetary policy from the perspective of tool selection by LSTVAR model estimation results,and gives the corresponding policy suggestions.
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