货币政策传导的“成本渠道”理论综述

The “Cost Channel” Theory of Monetary Policy Transmission:An Overview

在市场经济体制下,越来越多的国家开始倾向于运用价格型政策工具对宏观经济进行调控,但其实施结果却不尽如人意,尤其是利率工具的实施结果与传统的货币政策传导渠道的理论观点出现了背离,即紧缩性(扩张性)的货币政策与高(低)通货膨胀相伴出现,而成本渠道理论为之提供了一个合理的解释。本文从追溯成本渠道理论的思想渊源入手,对利率与通货膨胀的关系、货币政策的供给效应、成本渠道理论的最终形成以及金融体系结构如何影响成本渠道效应大小等进行了述评。

In the system of market economy, more and more countries tend to use the price-based policy tool to regulate macro-economy, but the results of its implementation are not satisfactory. In particular, the implementation result of interest rate instruments is deviated from the theoretical perspectives of traditional monetary transmission, that is, contractionary （expansionary） monetary policy is always accompanied by high （low） inflation. However, the cost channel theory provides a reasonable explanation for this phenomenon. Tracing the ideological origins of the cost channel theory, this paper makes a review on the relationship among interest rates and inflation, supply effects of monetary policy, the formation of the cost channel theory and how financial structure affects the effect of the cost channel.