金融危机背景下我国货币政策有效性研究综述

An Overview of Research Results on the Effectiveness of Chinese Monetary Policy Under the Influence of the International Financial Crisis

本文对国内外学术界关于货币政策有效性问题的研究文献进行了梳理,并针对金融危机影响下我国货币政策有效性的最新研究成果进行归纳分析得出,我国适度宽松的货币政策是有效的,但也同时导致了物价的上涨。货币供应量和信贷规模的变动对产出的变动产生影响,通胀率和货币供应量增长率具有非常强的相关性,货币政策的价格效应大于产出效应。货币政策的紧缩效应大于扩张效应,货币政策效应具有非对称性。

This paper makes an overview of the latest research results on the effectiveness of Chinese monetary policy under the international financial crisis,and concludes that China＇s moderately easy monetary policy is effective,but led to price increases.Money supply and credit changes have an impact on the changes of output,inflation and money supply growth rate has a very strong correlation,and the price effects of monetary policy are greater than the output effects.Monetary policy has asymmetric effects,and the effect of tightening of monetary policy is greater than expansionary monetary policy.