摘要：区域经济发展的不平衡是我国统一的货币政策必须面对的问题，货币政策区域效应的存在会影响货币政策的整体效应。本文首先是运用VAR模型和脉冲响应函数的实证检验方法分析了统一货币政策在地区间不同的实施效果，证明了货币政策区域效应的存在性。之后从区域金融发展差异角度分析了货币政策非对称性效应的原因，并建议根据不同区域经济金融发展的水平进行区域金融体系的建立，缩小区域经济和金融发展的差距，结合不同区域金融现状制定适度差别的货币政策，以提高货币政策的有效性。
关键词：货币政策 区域金融差异 非对称效应 VAR模型 脉冲响应函数
Abstract:Imbalanced development of regional economy is the problem that our country’s uniform monetary policy must face. Asymmetrical effects of monetary policy will affect the overall effect of monetary policy. This paper use VAR model and impulse response function to analyze the effect of uniform monetary policy in different regions and prove the existence of the regional effects of monetary policy. In term of the development of the regional finance ,the paper analyzed the causes of asymmetric effects of monetary policy and suggest establishing regional financial system according to different development level of different regions.this measure will narrow the regional disparities of economy and finance. In order to improve the effectiveness of monetary policy, we should formulate appropriate regional monetary policy.
Key words: monetary policy, regional financial disparity, vector auto-regressionmodel, asymmetrical effect，impulse response function
