货币政策传导机制研究批判

Criticism about the Research of the Monetary Policy Transmission Mechanism

当前关于货币政策传导机制的研究,主要存在以下几方面的问题:各渠道代理变量有"以偏概全"或者"以整体代局部"之嫌;实证逻辑的基础脱离现实,且混淆了充分和必要条件;现有文献中的检测模型没有有效展现机制的收敛和突变特征;利率在传导机制中的"核心"地位受到市场假定和经济人假定的挑战。

This paper finds that problems in the current empirical test documents about the monetary policy transmission mechanism are mainly as follows ： taking into account of the proxy variables, there are cases of substituting the whole for the part, or vice versa ; the foundation of the empirical test is far away from reality, and the necessary and sufficient conditions are logically confused; the current test models cannot effectively show the characteristic of convergence and mutation; the core position of interest rate in the transmission mechanism is challenged by hypotheses of the human and the market.