货币政策的微观层面:基层央行职能与绩效

The Study of the Functions and Performances of Sub-branches of Central Bank

本文针对当前货币政策在宏观面遭遇的诸多问题 ,通过对人民银行新乡市中心支行在微观面执行货币政策的制约因素、手段和绩效分析 ,论证了人民银行基层分支机构在疏通货币政策传导渠道 ,从地区着手履行宏观职能的必要性与可能性。文章认为 ,考虑到基层央行的信息、地位和职能优势和各地区差别 ,在具有直接性质的特定货币政策工具 (如再贴现、再贷款和窗口指导 )上应实行一定程度的权力下放。

Since the monetary policy implementation encounters several micro blocks, this paper studies the restrictions, functions and performance of sub-branches of the central bank through the case study on Xinxiang City, Henan Province. It is shown hat a downward monetary policy implementation is most likely a feasible remedy for policy ineffectiveness.