By detrending the time series and using the GARCH model with asymmetry, we find out in China that tight monetary policy slow the economy in the boom more than easy monetary policy accelerates the economy in the recession.

• 文章利用描述实际GDP增长率波动成分的各种GARCH模型检验发现；在我国经济运行当中；紧缩性货币政策对于经济的减速作用大于扩张性货币政策对于经济的加速作用.