论我国货币政策作用的非对称性和调控模式的选择

Discussion on the Non-symmetry of Chinese Monetary Policy and Choosing of Regulate-and-control Mode

在货币政策有效性的前提下,存在着货币政策作用的非对称性:紧缩性货币政策对降低经济增长速度的作用大于扩张性货币政策提高经济增长速度的作用。从我国货币政策操作过程的实践来看,如何选择合适的调控模式是非常关键的问题。

Under the precondition of effective monetary policy, there is an unbalanced effect of monetary policy. The effect of constrictive monetary policy, which has an effect of slowing down the economic growth, is greater than the effect of outstretchedmonetary policy, which has an effect of accelerating the economic growth. From the practical prospective of our monetary policy, how to choose an appropriate regulate-and-control mode remains a key problem.