货币政策是否存在结构效应的研究综述——基于中国信贷传导渠道的视角

Does Monetary Policy Has a Structural Effect?A Perspective of China's Credit Transmission Channel

宏观金融调控对经济结构调整提出很高要求。主流经济学的观点认为,货币政策是一个常规的总量调控工具,不具备结构效应。然而,许多学者对货币政策是否存在结构效应进行研究。本文基于研究范式和研究思路的演进,对货币政策信贷渠道传导的结构效应的研究发展进行了系统梳理。本综述性研究表明,中央银行的宏观调控货币政策不仅具有总量效应,而且通过银行信贷渠道具有结构效应,主因是由于产业内和区域内生产要素的特点及其配置的差异导致其对货币政策的反应不一,进而带来实施货币政策效果的结构性差别。

Macro financial control and regulation puts forward high requirements for economic structure adjustment. Mainstream economics argues that the conventional monetary policy is a tool for total control and has no structural effect. However, the structural effect of monetary policy has been studied by many scholars. This paper reviews the development of the research paradigm and ideas. We find that the central bank＇ s monetary policy not only has total effects, but also has structural effects through the bank credit channel. The financing constraints vary in different industries, and the effects of monetary policy vary. Similarly, the effects of monetary policy may vary due to regional heterogeneity.