A Study on China's Monetary Policy Shift and Its Asymmetric Effects
基于金融危机后中国货币政策频繁转向的事实，构建多元LSTVAR模型，证明扩张与紧缩政策存在非对称效应，建议央行根据经济状态实施政策组合。
Based on the fact that China's monetary policy orientation has frequently shifted since the outbreak of the recent financial crisis,this paper built up a multivariate logistic smooth transition vector auto - regression (LSTVAR) model.It proves the existence of asymmetric effect of China's monetary policy.Expansive and tight monetary policies at the same scale tend to cause different effects and the effect of certain monetary policy tool depends on the particular economic regime.It is proposed that the central bank should rectify its policy tenet almost solely targeting economic growth and implement artful policy portfolios against accurately identified economic regime.This makes great sense,both theoretically and practically,to crack current policy dilemma and maintain healthy economic development.