中文摘要：

将流动性分为宏观、中观和微观3个层次,采用货币流动性、金融机构流动性、银行流动性和市场流动性的相关数据,通过VAR模型分析不同层次流动性之间的传导机制,比较金融机构流动性和银行流动性在流动性传导过程中的不同作用,结果表明：金融机构流动性和银行流动性对市场流动性有着不同的影响;＂宏观流动性→中观流动性→微观流动性＂这种＂自上而下＂的传导机制在短期内是存在的,而长期则不存在;＂微观流动性→中观流动性→宏观流动性＂这种＂自下而上＂的传导机制是一直存在的,这两种传导机制同时存在会放大货币政策的效果。

英文摘要：

This article divides liquidity into three different levels, which are monetary liquidity, liquidity of financial institutions and market liquidity. Through the VAR model analysis of the domestic data, we find that monetary liquidity has a positive impact on the liquidity of financial institutions and market liquidity, while the liquidity of financial institutions and market liquidity have a effect on monetary liquidity, too. So the central bank can affect the monetary liquidity through monetary policy operations, and then adjust the liquidity of financial institutions and market liquidity;we should also maintain the liquidity of the financial markets, to avoid the atrophy of financial institutions＇ liquidity and monetary liquidity, which may trigger a financial crisis.