我国货币政策非对称性效应——基于本轮经济衰退的政策效果研究

The Asymmetric Effect of Our Country's Monetary Policy——a reseach based on the effect of monetary policy in this recession

货币政策的非对称性效应这个经过大量实证研究得到检验的结论,却在我国本轮经济衰退中被打破了。本轮自2008年底开始的经济衰退,在"适度宽松的货币政策"及积极财政政策的配合作用下,效果明显。文章主要就我国货币政策传导的主要渠道——信贷渠道进行了阐述,认为在体制转轨时期地方政府强烈的促进经济增长的冲动、商业银行的积极配合,使得信贷传导渠道畅通无阻,使这次宽松货币政策效果明显。同时指出了扩张性货币政策带来的负面效应。

The asymmetrical effect of monetary policy which is tested by a number of empirical studies was broken in this recession of our country since the end of 2008. The moderately easy monetary policy and the active fiscal policy have the obvious effect on this recession. This thesis mainly illustrates the main channels of monetary transmission-the credit channel. It is the impulse of the local govermnent＇s boosting economic growth and the positive teamwork of the commercial bank that uncloged the credit transmit channel of monetary policy and make the effect of this slack monetary policy more obviously. Meanwhile, the article also points out the negative effect of the expansionary monetary policy.