结构性货币政策的运用机理研究

The Study on Operating Mechanism of Structural Monetary Policy

结构性货币政策的运用考虑了微观经济的协调发展,是总量货币政策的一种有益补充。本文通过理论梳理和模型分析,从基本内涵、动因、传导机制及运用空间四个层面探讨了结构性货币政策实施的机理。分析表明,结构性货币政策可以应对经济体不对称冲击、改善总量货币政策异质性效应和促进产业战略性发展,并通过导流效应、截流效应、成本效应和信号效应对经济结构调整产生边际作用,其作用空间依赖于货币资金市场供需曲线斜率和不同市场间资金转换成本。

Structural monetary policy s a supplement to the aggregate monetary policy with consideration of development of micro-economic coordination. By theoretical carding and model analysis, this paper explores the operating mechanism of struc- tural monetary policy in the basic connotation, operating reason, transmission and operating space. The analysis shows that structural monetary policy can play an important role in response to structural adjustment for asymmetric shocks economy, im- provement of the total monetary policy heterogeneity effects and promoting the development of strategic industries ; it helps to promote structural adjustment marginally by diversion effect, closure effects, cost-effectiveness and signal effect; and it works in a certain range, which depends on curve slope of funds market and capital conversion costs.