结构性货币政策对我国央行资产负债表的影响研究

Research on the Impact of the Stmctual Monetary Policy on the Balance Sheet of the Cenral Bank of China

制定和执行货币政策是中央银行的重要职能,中央银行资产负债表是中央银行履职成效的重要反映载体,且在一定程度上影响着货币政策目标导向。在我国经济发展新形势下,随着货币政策的不断创新发展,结构性货币政策工具与央行资产负债表的联动效应持续增强。本文结合我囯实践经验,全面分析二者间的作用机制与相关性,并进行实证检验,从资产负债表角度提出结构性货币政策的应用建议。

Making and impling monetary policy are important functions of the central bank,and its balance sheet is an important carrier to reflect its effectiveness.To a certain extent,the balance sheet can affect the goal of monetary policy.Under the new situation of China's society and economic,with the continuous innovation and development of monetary policy,the linkage effect between structural monetary policy tools and the balance sheet of the central bank is strengthening.Considering the practice of China,this paper comprehensively analyzes the correlation between structural monetary policy and balance sheet of PBC,and does an empirical test through VAR model and linear regression model.Some useful suggestions are given at the end.