基于风险维度的货币政策传导非对称性研究

An Asymmetric Transmission Effect Study on Monetary Policy from the Perspective of Risk Dimensions

现有文献货币政策传导非对称性的研究主要集中于产出维度,文章从风险维度研究不同货币环境下货币政策对微观企业风险传导的非对称性,结果表明:宽松货币环境强化了货币政策风险传导的微观效应,而紧缩货币环境削弱了货币政策风险传导的微观效应。虽然存款准备金率对企业的风险传导效应小于利率,但是在不同货币环境下存款准备金率对企业风险传导的非对称性却强于利率。因此央行在制定货币政策时须根据不同货币环境下微观主体对货币政策的风险敏感度的差异选择合理的货币政策工具及其组合搭配,以免企业在宽松货币环境下的过度风险承担。

Existing literatures on the asymmetric effect of monetary policy focus mainly on the dimensions of production.The article studiedasymmetric effect of risk transmission of monetary policy on micro enterprises from the perspective of risk dimensions in different monetaryenvironments.The result shows that the risk transmission effect of monetary policy on enterprise is greater in loose monetary environment than intight monetary environment.Although the risk transmission effect of deposit reserve rate on enterprise is smaller than interest rate,the asymmetriceffect of risk transmission of deposit reserve rate is greater than interest rate in different monetary environment.Thus the central bank shouldchoose reasonable instruments and combinations of monetary policies according to different risk sensitivity of micro enterprise when makingdecision,so as to avoid over-risk-taking of enterprises in loose monetary environment.