经济高质量发展背景下货币政策操作测度分析

Analysis on the Measurement of Monetary Policy Operation under the Background of Economic High-Quality Development

研究目标:对我国货币政策操作进行测度,以期探讨适配经济高质量发展阶段的货币政策调控方式。研究方法:对央行资产负债表进行分析、常规与非常规货币政策操作进行比较、非常规货币政策进行国际比较以及衡量货币政策的冲击效应。研究发现:近年来,我国货币政策操作空间变大、主动性增强,更加注重期限搭配的灵活性、市场化方式、宏观审慎管理要求、对经济结构的作用以及对利率和预期引导,同时价格型工具调控效力逐渐凸显,但货币政策的传导机制存在阻滞。研究创新:对货币政策进行系统的测度分析。研究价值:为货币政策的研究和央行制定货币政策提供参考依据。

Research Objectives:To measure China's monetary policy operations with a view to ex ploring ways to regulate monetary policies suitable for the stage of Economic High-Quality Development.Research Methods:The analysis of central bank balance sheets,the compari son of conventional and unconventional monetary policy operations,the international com parison of unconventional monetary policies,and the measurement of the effect of monetary policy.Research Findings:The research found that in recent years.China's monetary poli cy operation space has become larger,and the initiative has increased;the central bank has paid more attention on the flexibility of term maturity,market-oriented methods,require ments of macro-prudential management,effects of economic structure and the guidance role of interest rates and expectations;the effectiveness of the price-type tool has gradually be come prominent,and there is a block in the transmission mechanism of monetary policies.Research Innovations:To systematically measure and analysis China'monetary policy opera tions.Research Value:To provide reference for both the research of monetary policy and the formulation of central bank monetary policy.