摘要
货币政策的有效传导对提振市场信心、促进经济发展以及平抑经济波动具有重要意义。本文对货币政策传导机制的理论发展进行了系统梳理和评述,并有选择性地对已有理论所揭示的传导机制进行了实证检验。在此基础上,文章根据全球新型金融危机与货币政策之间的紧密联系,提出货币政策的金融市场传导渠道,并基于全景分析视角,将金融市场传导渠道与其他传统渠道共同纳入全景分析中的综合传导体系内,从而形成一个完备的货币政策传导机制的综合理论分析框架,为新形势下我国货币政策的现实选择提供新的理论基础。
Effective transmission of monetary policy is essential in promoting market confidence and economic development.This paper surveys theories of monetary policy transmission mechanism and investigates empirical validity of the selective theories.Based on these studies and the connection of monetary policy with the recent global financial crisis,the paper proposes a new financial market channel of monetary policy transmission.From a panoramic perspective,this article also suggests a comprehensive monetary policy transmission system which integrates the financial channel as well as the traditional channels as a complete monetary policy transmission framework.This proposal provides a new theoretical foundation for monetary policy practice in China.
出处
《金融评论》
2011年第1期20-43,123-124,共24页
Chinese Review of Financial Studies
基金
中国人民大学"明德学者支持计划"的资助
关键词
货币政策
传导机制
金融危机
Monetary Policy
Transmission Mechanism
Financial Crisis
