Study on the Interaction Mechanism Between Commodity Financialization Degree and Monetary Policy and Objectives——Empirical Analysis Based on TVP SV-VAR Model
Study on the Interaction Mechanism Between Commodity Financialization Degree and Monetary Policy and Objectives——Empirical Analysis Based on TVP SV-VAR Model
The increasingly similar characteristics of commodity markets and financial markets prompted scholars to conduct in-depth research on them.This article uses the TVP-SV-VAR model to analyze the interac-tion mechanism between the degree of commodity financialization and monetary policy and targets,and the re-sults show that:The impact of the degree of commodity financialization on the economic system has time-varying characteristics,and it is highly sensitive to macroeconomic information;the degree of commodity financialization will have a more significant impact on price-type monetary policy than the quantitative type of monetary policy;the degree of commodity financialization will have a lasting and stable impact on monetary policy,and at the same time will be short-and medium-term The impact is even more significant.It focuses on the impact of different degrees of commodity financialization on macroeconomic policies and pro-poses targeted policy implementation plans.
关键词
商品金融化程度/货币政策/通货膨胀/宏观经济
Key words
Degree of Financialization of Commodities/Monetary Policy/Inflation/Macro-Economy
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