主要发达经济体货币政策传导机制演进介绍

The Evolution of the Monetary Transmission Mechanisms in Major Developed Economies

货币政策传导机制是各国央行货币政策框架的重要内容,传导机制畅通与否,关乎货币政策的有效性。为应对2008年金融危机带来的经济衰退,主要发达经济体在常规货币政策传导机制受到掣肘的情况下,纷纷采用非常规货币政策工具疏通货币政策传导,有效地刺激了经济复苏。文章分析了主要发达经济体货币政策传导机制的演进,并提出了货币政策调控、疏通货币政策传导机制的相关经验。

Monetary transmission mechanism is an important part of central banks'monetary policy framework.Whether the transmission mechanism is smooth or not is about the effectiveness of the monetary policy.To deal with the economic recession following the 2008 financial crisis,the major developed economies have adopted unconventional monetary policy tools to streamline the transmission of monetary policy,which has effectively stimulated the economic recovery.The article analyzes the evolution of the monetary policy transmission mechanisms in major developed economies,and summarizes lessons for improving monetary policy regulation and streamlining monetary policy transmission mechanism.