An Empirical Study of the Policy Transmission Path of Sterilization Operation of Central Bank Bill in China
基于VAR模型和格兰杰因果检验，研究中国央行票据冲销操作的政策传导路径，发现短期非中性、长期对基础货币和狭义货币有影响，但对货币市场利率和广义货币影响中性。
In recent years,central bank bill has become the most important tool of the central bank for the sterilization operation and withdrawing of base money.This paper,based on the VAR model and Granger Causality Test,examines the policy transmission path of the sterilization operation of central bank bill.The result shows that the sterilization effect of the central bank is non-neutral in the short run,while in the long run,the sterilization operation of central bank bill has a certain effect on the base money and narrow money supply,but the effect on the interest rate of money market and broad money supply is neutral.