利率不完全传递对货币政策稳定化作用机制的影响

Effect of Incomplete Interest Rate Pass-through on the Stabilization Mechanism of Monetary Policy

在货币政策稳定化作用的过程中,由于需要对政策变量传递的速度、规模以及效应大小进行准确地评估和精密地控制,因此明确货币政策传递效果(或者估算传递系数)以及不同程度的传递对于实现稳定化目标的影响至关重要。本文正是基于这一观点,在描述货币政策传递机制基本框架的基础上,通过对利率渠道传递效果的分析,指出由于利率不完全传递效应的存在,使得货币政策稳定化作用在一定程度上被削弱或者放大,进而加大了中央银行利用货币政策稳定宏观经济的不确定性。

In the process of monetary policy stabilization,due to the need of assessing accurately and controlling precisely in their speed,scale and effect aspects of transmission from policy factors to other parts of economy,it is so important to have definite effects of monetary policy and influence that transfer target at different degree could make on achieving stabilizing monetary policy. This paper is based on this view,and on the basic framework of describing how the monetary policy transmission,and analyzing the effect of transmission through interest rate channel,it would point out that because of the existence of incomplete transfer of interest rate,there would be weaken or enlarge the effect on stabilizing monetary policy at some aspect,and then expanding the uncertainty of stabilizing macroeconomics from monetary policy for central bank.