Abstract: The shadow banking has become a hot topic in the current international society, but it’s asymmetric effect of the monetary policy is neglected by economists which is a very important issue in fact. By using CC-LM model and monthly data from 2008 to 2013 to study how the shadow banking impacts monetary policy, it can be found that the shadow banking has a significant effect on the monetary policy which has a greater weakening effect for the tightening monetary policy than the expansionary monetary policy. In other words, in spite of the asymmetric effects of monetary policy being weakened, it is not eliminated fundamentally by the existence of the shadow banking system.

摘要： 虽然影子银行已成为当前国际社会的热门话题，但其对货币政策的非对称性效应究竟有何影响，这是一个至今被经济学界所忽视却又十分重要的问题。运用CC-LM模型和我国相关月度数据，从理论与实证两方面均发现影子银行的存在对货币政策存在明显影响，其中对紧缩性货币政策的影响大于扩张性货币政策。换言之，影子银行体系的存在只是弱化了货币政策的非对称性效应，而并未从根本上消除货币政策的非对称性。