金融摩擦、货币政策和产出稳定化

Financial Frictions,Monetary Policies and Stabilization of Output

近年来,中国实施了一系列宽松货币政策以刺激国际金融危机后疲软的经济,但“宽货币”并未有效传导到“宽信贷”,流动性滞留在金融体系,而非传导到实体经济中,货币政策稳定产出的效应减弱。借助IS-MP模型引入金融中介和金融摩擦,分析传统货币政策对保持产出稳定的影响,并以中国的数据构建VAR模型进行实证检验。结果表明:考虑金融中介和金融摩擦时,负向金融冲击导致金融中介信贷供给量下降、利差上升、产出恶化,传统货币政策的产出稳定化效应减弱。若想实现产出稳定化目标,须考虑金融中介和金融摩擦的影响,中央银行需要引入新的货币政策工具,稳定金融体系,恢复金融中介信贷供给。

In recent years,China has implemented a series of loose monetary policies to stimulate the weak economy after the international financial crisis,but the“wide money”has not been effectively transmitted to the“wide credit”,liquidity is stuck in the financial system rather than transmitted to the real economy,and the effect of monetary policy on stabilizing output is weakened.The IS-MP model is used to introduce financial intermediation and financial friction,analyze the impact of traditional monetary policy on output stability,and construct VAR model based on Chinese data for empirical test.The results show that when considering the financial intermediation and financial friction,the negative financial shock leads to the decrease of the credit supply of financial intermediation,the rise of interest rate spread and the deterioration of output,and the output stabilization effect of traditional monetary policy is weakened.In view of this conclusion,it is pointed out that the effects of financial intermediation and financial friction should be considered if the output stabilization goal is to be achieved,and the central bank needs to introduce new monetary policy tools to stabilize the financial system and restore the supply of financial intermediation credit.