论货币政策传导的成本渠道

The Cost Channel of Monetary Policy Transmission

不同于传统的凯恩斯主义,成本渠道理论注重利率调整等货币政策的变动对供给方的影响,认为紧缩性的货币政策通过利率和金融中介传导,通常导致价格水平的升高而不是下降。在高效率的金融中介体系中,成本渠道反而发挥着重要作用。在一个低效率的金融中介体系中,货币政策对产出和价格的冲击及对直接成本的影响是有限的。成本渠道的存在对中央银行货币政策的决策和执行有重要参考价值,它削弱了调整利率应对冲击的有效性,导致中央银行在执行最优货币政策时面临稳定通货膨胀和产出缺口之间的权衡。

Different from the traditional Keynes doctrine, the cost channel theory emphasizes the effects of mo- netary policy change on the supply, such as interest rate adjustment etc. It thinks that tightening of monetary policy through the interest rate and financial intermediary conduction usually leads to price level rising instead of falling. In a high efficient financial intermediary system, the cost channel plays an important role;in a low efficient financial intermediary system, monetary policy＇s impact on output, channel has important reference value to the central bank＇ price and the direct costs is limited. The existence of the s monetary policy decision - making and implementation, which undermines the effectiveness of interest rates adjustment. The effects of cost channel make central banks hard in the trade - off between controlling inflation and output gap when implementing the optimal monetary policy.