后危机时代中国人民银行货币政策工具箱的优化

The Optimization of Monetary Policy Instruments of the People's Bank of China in Post-crisis Era

在应对全球金融危机过程中,传统货币政策工具已不能应对危机,美联储创新运用了一系列非常规货币政策工具,在较短时间内成功稳定了银行间拆借、商业票据和股票市场,进而推动经济复苏。研究表明:在目前市场环境下,当遇到特别重大危机时,需要借助于非常规货币政策工具对经济进行调控,中国人民银行需要进行货币政策工具改革,丰富和完善货币政策工具箱,以便针对危机的类型和严重程度,创新设计并有效运用不同类型的货币政策工具,才能取得最好的政策效果。

In response to the global financial crisis, traditional monetary policy instruments cannot meet regulatory requirements. Having used a series of unconventional monetary policy instruments, the Fed successfully stabilized the inter- bank lending, mercantile paper and stock markets, thus promoting economic recovery. The research shows that, in the current market environment, especially when faced with the major crisis, we need unconventional monetary policy instruments to regulate the economy. The people＇s Bank of China should conduct the monetary policy tool reform, enrich and perfect the monetary policy tool cabinet, innovate design and use different types of monetary policy instruments to aim at the type and order of severity of crisis, so as to obtain the best policy effect.