中文摘要：

本文运用SVAR模型及其脉冲响应函数对八大经济区的实证检验表明，存在明显货币政策区域效应。区域生产力水平的差异是影响货币政策区域效应的长期因素。生产力水平越高的区域，可能受到货币政策的冲击效应越大。区域产业结构和区域金融结构都是影响货币政策区域效应的重要因素，相对而言，区域金融结构对削弱货币政策区域效应更具实际意义。

英文摘要：

The paper empirically analyzes the regional effects of monetary policy among China＇s eight regions by SVAR model and IRF. The result shows that there are obviously regional effects of monetary policy in China. Of all the influencing factors, the long-term one is the difference of regional productivity level. The higher productivity level is, the stronger regional effect of monetary policy to be. Both regional industrial structure and region- al financial structure are the important factor influencing regional effect of monetary policy. However, comparatively speaking, the regional financial structure has more practical significance to weaken the regional effects of monetary policy.