对“新共识”宏观货币理论的反思

A Rethinking of the New Consensus Macro-Monetary Theory

近十几年来,"新共识"宏观货币理论成为当代货币理论的重要基础之一,但是,从"新共识"理论创建来世起,学者对其的争议就始终没有停止。次贷危机爆发后,"新共识"不包含货币存量等一系列严重缺陷被充分暴露并受到广泛质疑。本文回顾"新共识"模型的基础上,对宏观框架方面和货币政策方面的不足进行评价,并认为货币政策的中介手段不应以短期利率为唯一工具,而应回归到数量工具、价格工具和其他工具并用的传统。

The New Consensus Macro - Monetary Theory has become a fundamental and long debating one among the contemporary monetary theories in the past decade. After the burst of the subprime crisis, the weakness of the New Consensus model without money stock has led to a serious discussion, the paper briefly reviews the structure and disputes of the New Consensus model, and then suggests that the monetary policy should return to the traditional intermediate tools that synthetically include the quantitative, pricing and other instrument, instead of only the short - term interest rate.