央行结构性货币政策效果研究

Research on the Effect of Central Bank's Structural Monetary Policy

本文通过构建模型探究三种结构性货币政策工具对社会融资成本等变量的影响效果。研究结果表明:结构性货币政策工具均能对贷款总额的长期增长起到正向作用,但作用效果不一;结构性货币政策工具对社会融资成本的影响均为短期影响,补充抵押贷款对社会融资成本抑制作用最明显,中期借贷便利的抑制作用较微弱;结构性货币政策工具对经济增长的影响为中短期影响,常备借贷便利对经济增长有较强的促进作用,抵押补充贷款的正向作用较弱。

This paper explores the effects of three structural monetary policy tools on social financing costs and other variables by constructing a model.The results show that: structural monetary policy tools can play a positive role in the long-term growth of total loans, but the effect is not the same.The impact of structural monetary policy tools on social financing costs is all short-term. Supplementary mortgage loans have the most obvious inhibitory effect on social financing costs.The influence of structural monetary policy tools on economic growth is medium-and short-term. The standing loan facility has a strong promotion effect on economic growth, while the positive effect of mortgage supplementary loan is weak.