Based on the data from 1998Q1 to 2022Q4,this paper compares and analyzes the linkage mechanism between China's financial and economic cycles under different monetary policy shocks.The main conclusions include:(1)China's fi-nancial and economic cycles generally exhibit reverse fluctuations and cross-lead fluctuations in different frequency domains,but the financial cycle leads the economic cycle in the frequency domain of their main cycle;(2)Compared to quantitative monetary policy,price-based monetary policy shocks better fit the linkage characteristics of China's financial and eco-nomic cycles;(3)In the process of economic cycle fluctuations caused by monetary policy shocks,the partial mediating ef-fect of the financial cycle is an important component of the linkage mechanism between the two,which plays a role as a financial accelerator and a financial decelerator under quantitative and price-based monetary policy shocks,respectively.
维普
万方数据