物价稳定条件下货币政策能够拥有多少灵活性?——基于亚洲金融危机之后中国季度数据的实证

Flexibility of Monetary Policy with Stable Price

货币的产出效率决定了货币化程度的合理范围。宏观经济形势越困难,货币政策的灵活性就越小。在国际金融危机时期,尽管经济扩张冲动是提升货币化比率的重要原因,但是政府的货币政策偏好对货币化比率的推升作用也不容忽视。即使在稳定物价的条件下出现了降低货币化比率的时机,政府仍旧倾向于在货币容纳量弹性范围内选择较高的货币化比率。

Reasonable range of monetization depends on monetary output efficiency. The more difficult macro economy faces, the less flexible monetary policy is. Economic expansion impulses play an important role in raising monetization, but it can not be ignored that the authorities＇ preference to monetary policy facilitates monetization. Even if the timing emerges to lower monetization under the condition of stable price level, the authorities prefer higher monetization in the range of accommodation currency flexibility.