新世纪以来我国货币政策的实践回顾与趋势展望--基于市场和政策职能边界的视角

The Practice Review and Trend Prospect of China's Monetary Policy Since The New Century--Based on The Perspective of Market and Policy Function Boundary

有效市场和有为政府的融合对实现“第二个百年奋斗目标”至关重要,货币政策是观测市场职能边界和政策职能边界伸缩的良好指标。本文以货币当局资产规模/M2为指标,将新世纪以来我国货币政策实践划分为特征鲜明的3个阶段:政策职能边界稳定阶段,政策职能边界扩张阶段和政策职能边界收敛阶段。展望未来,货币政策在经济非常时期可以积极作为,延伸职能边界;在经济平稳时期应当精准操作,收敛职能边界,从时间和空间维度优化金融资源配置。

The combination of effective market and promising policy is very important to realize the"second centenary goal".Monetary policy is a good indicator to observe the advance and retreat of market function boundary and policy function boundary.Choosing(central bank assets/m^(2))as the index,China's monetary policy practice can be divided into three distinct stages in the new century.the stable stage of policy function boundary,the expansion stage of policy function boundary and the contraction stage of policy function boundary.Looking forward to the future,China's monetary policy should act positively in the economic extraordinary period,extend the functional boundary,operate accurately in the economic stable period,shrink the functional boundary,guide the allocation of financial resources from the time and space dimension.