摘要
货币政策的"流动性陷阱"是指名义利率接近零水平时所体现的货币政策弱效现象。我国经济运行过程中曾经出现多次微弱通货紧缩和名义利率较低的现象,为了判断我国经济是否陷入"流动性陷阱",我们采用具有随机系数的货币需求函数,估计了货币需求的动态弹性系数,通过与日本的"流动性陷阱"进行对比,对我国的货币政策效应进行了检验。检验结果表明,随着经济运行进入"后危机时期",我国没有出现显著的"流动性陷阱",名义利率仍然可以继续作为有效的货币政策工具。
The liquidity trap for monetary policy is the phenomenon of weak policy effectiveness when the nominal interest approaches the zero boundary. China's economy has appeared weak deflation and lower interest rates recently. In order to test whether China's economy went into the liquidity trap, we employed the money demand function with stochastic coefficients to estimate the nominal interest rate elasticity. We compared the familiar case with Japan in which country had faced the liquidity trap. The finding shows that there is no evidence that China's economy is in the liquidity trap. Therefore, the interest rate still is an effective tool for monetary oolicv.
出处
《现代日本经济》
CSSCI
北大核心
2016年第4期26-35,共10页
Contemporary Economy OF Japan
基金
国家社会科学基金重大项目"引领经济发展新常态的市场基础
体制机制和发展方式研究"(15ZDC008)国家社会科学基金重点项目"我国经济发展新常态的形成机理
趋势性特征及经济政策取向研究"(15AZD001)国家社会科学基金项目"‘十三五’时期我国货币政策规则与货币政策调控机制研究"(15BJY174)
关键词
货币政策
名义利率
流动性陷阱
通货膨胀
实际效应
monetary policy, nominal interest rate, liquidity trap, inflation, actual effect