市场分割下货币政策效应特征及其政策启示

摘要

This paper mainly takes advantage of the framework of new open economy macroeconomics, and studies the impact of monetary policy on macroeconomic variables such as output and consumption after combining with market segmentation. It is found that monetary expansion in home country can im-prove output and consumption and that in foreign country would have an ambiguous impact on domestic output and consumption. The empirical use 2002-2010 quarterly data on China and America to verify our theoretical model and give some useful suggestions.%　　在新开放经济宏观经济学模型框架内探讨市场分割下货币政策的效应特征，通过同时考虑LCP和PCP两种定价方式，引入市场分割。根据理论分析所得出的结论是，在混合定价方式下，若本国采取扩张性货币政策，本国物价上涨，本国产出将随之增加；若外国采取扩张性货币政策，本国物价下降，但其对本国产出的影响具有不确定性。最后利用2002—2010年中美两国季度数据对理论模型进行实证检验，并提出了相关的建议。