价格与数量型工具相互支撑的货币政策框架研究

Study on a Monetary Policy Framework with both Price-based and Quantitative Instruments

2008年国际金融危机后,在特定条件下综合运用数量型与价格型工具调控已成为许多央行的选择,即使是货币政策回归常态后,一些国家也开始注重数量型与价格型工具的配合。本文通过构建包含居民、非金融企业、政府等三部门的动态随机一般均衡(DSGE)模型,对比分析了价格型、数量型等六种组合下的货币政策工具效果。实证结果显示,混合型政策工具优于单一型政策工具,如果更加注重GDP目标,数量型工具为主、价格型工具为辅的调控(QP)效果相对较好;如果更加注重通胀水平,那么价格型工具为主、数量型工具为辅的中长期调控(LPQ)效果较好;如果更加注重就业目标,运用价格型工具为主、数量型工具为辅的短期调控(SPQ)效果较好。

After the financial crisis in 2008,many central banks choose to use a combination of both quantitative and price-based monetary policy instruments,under certain conditions.Even after the monetary policy returns to normal,some countries still use such combinations in practice.This paper constructs a dynamic stochastic general equilibrium（DSGE）model to compare the effects of six different combinations of price-based and quantitative instruments.The model has three sectors,including the household,the non-financial enterprises and the government.Four major conclusions can be drawn from the empirical results.First,combinations of both price-based and quantitative instruments always perform better.Second,when the primary target is GDP growth,quantitative instruments supplemented by price-based instruments（QP）are better.Third,when inflation is the target,mid-to-long term strategies of price-based instruments supplemented by quantitative instruments（LPQ）are more effective.Fourth,when employment is in question,short-term strategies of pricebased instruments supplemented by quantitative instruments（SPQ）are preferable.