我国创新型货币政策工具有效性研究

Research on the Effectiveness of Innovative Monetary Policy tools in China

本文以常备借贷便利(slf)、中期借贷便利(mlf)、抵押补充贷款(psl)等创新型货币政策工具为研究对象,构建向量自回归模型(VAR)研究创新型货币政策工具对中介指标货币供应量和利率的影响,结果表明创新型货币政策工具的投放会使货币供应量增加,使市场利率下降;抵押补充贷款对货币供应量影响最大,常备借贷便利对利率的影响最大,常备借贷便利对利率影响既迅速又强烈;创新型货币政策工具对货币供应量的作用要大于对利率的作用。

Based on Standing Lending Facility （slf）, Medium-term Lending Facility（mlf）, Pledged Supplementary Lending （psl）, and other innovative monetary policy tools as the research object, constructing vector autoregressive model （VAR） for the mediation by the monetary policy tools indicators of money supply and interest rates, the result shows that the innovation of monetary policy tools can increase the money supply, the market interest rates fell; Mortgage supplementary loans have the greatest influence on the money supply. The convenience of standing and borrowing has the greatest effect on interest rate. The convenience of standing and borrowing is fast and strong in the interest rate. Innovative monetary policy tools have more to do with money supply than interest rates.