新型货币政策工具总量与结构效应比较研究——基于定向降准的实证

Comparative Analysis of Total amount and structure Effects of New Monetary Policy Tool——Based on the Empirical Research on Targeted Adjustment of Reserve-requirement

新型货币政策工具是经济新常态背景下重要的调控工具创新。本文在分析现有新型货币政策工具引导信贷流向和增加投放总量两方面功能基础上,总结其传导过程中产生总量和结构效应的机理,并通过实证研究定量分析总量和结构效应的强弱。研究结果表明:新型货币政策工具虽然在推出之初仍存在一定的传导时滞,但总体看来,其结构效应强于总量效应,是当前稳健货币政策背景下理想的定向微刺激操作工具。据此对协调传统货币政策与新型货币政策,提高新型货币政策工具有效性和及时性提出相关政策建议。

New monetary policy tool is one king of control tool innovation under the background of China＇ economic development entered a new normal. This paper Based on the analysis of the new monetary policy tool in guiding the flow of credit and to increase the total Credit delivery, Summarize the mechanism of the total amount and structure effect of the new monetary policy tool, empirical study on the effectiveness of total amount and structural effect. The results show that although the new monetary policy tools have certain delay in the beginning, but overall, the structure effect stronger than the total effect, new monetary policy tools still a good choice as targeted adjustment micro stimulation tool operation.