contractionary effect 中文意思是什麼
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Economists call it “ asymmetric effect of monetary policy ”. when we compared the effect of contractionary and expansionary monetary policy, we can found that when monetary policy was tight in 1993 and 1994, the economy slowed down quickly. yet when monetary policy was easy in 1998, the economy did not response accordingly
但如果定量的來對比兩種貨幣政策的實際效果，那麼緊縮性和擴張性貨幣政策對經濟活動卻具有不同程度的影響，具體表現為經濟衰退階段的擴張性貨幣政策對經濟的刺激作用小於經濟過熱階段緊縮性貨幣政策對經濟的減速作用，經濟學家將這種現象稱為「貨幣政策的非對稱效應」 。 -
When people ’ s bank of china ( pbc ) implemented contractionary monetary policy in 1993, the increased interest rate restrained the investment and consumption effectively. yet when interest rate was reduced in 1998, the economy did not response actively to the interest rate policy. the purpose of this thesis is to test whether the asymmetric effect exists in china
一、論文的主要內容及觀點20世紀90年代以來，中國人民銀行加強了對利率工具的運用? ?曾於1993 - 1995年先後四次上調利率， 1996 - 2003年連續八次下調利率，然而兩次利率操作的效果卻大不一樣，這種政策效果的差異性同經濟學家提出的「貨幣政策非對稱效應」恰好吻合。
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