结构性松动货币 抑制通货紧缩趋势

Restraining the Deflationary Trend by Structurally Releasing Monetary Policy

本文在充分肯定近年来我国实行稳健的货币政策所发挥的积极作用的同时 ,从短期政策操作的角度 ,运用实证资料 ,深入分析并阐明了自去年 9月份以来通缩趋势重新抬头的原因与机制 ,指出了在实际经济增长率低于潜在经济增长率的情况下 ,以低于潜在经济增长率的实际经济增长率作为货币政策操作的“准绳”和“依据” ,不利于充分运用我国富余的人力、物力和财力资源。在此基础上 ,作者提出了在稳健货币政策框架下 ,进一步结构性松动货币。

In this paper,the authors fully affirm the positive functions of the moderate monetary policies carried by the central government in recent years first.And then they analyze and illustrate the reasons and mechanisms of the deflationary trend reappeared from last September till now by using the statistic datum according to the short run policy operation requirements.They point out that it shouldn t redound to employ the redundant workforces,material and financial resources efficiently according to the actua...