中国结构性货币政策研究综述

The Summary of China’s Structural Monetary Policy Research

结构性货币政策是我国根据经济发展不同时期的战略所推出的货币政策创新工具。通过整理相关研究资料得出以下结论:结构性货币政策具有利率渠道、银行风险渠道、信号预期渠道等多种传导机制,并且在短期内不同的传导机制对推动和巩固实体经济发展有不同程度的正向影响,但是从长期看这种正向影响具有递减的趋势;长期实行货币政策会在一定程度上扭曲原本的经济结构,因而需要与财政政策协同配合以达到经济目标。通过梳理相关文献,从结构性货币政策的背景、内涵、传导机制、实施效果以及实施建议等方面做研究综述。

Structural monetary policy is an innovative tool of monetary policy launched by China according to the strategies of different periods of economic development.By sorting out relevant research data,we draw the following conclusions:structural monetary policy has a variety of transmission mechanisms such as interest rate channel,bank risk channel and signal expectation channel,and different transmission mechanisms have different degrees of positive impact on promoting and consolidating the development of real economy in the short term,but in the long term,this positive impact has a decreasing trend.The long-term implementation of monetary policy will distort the original economic structure to a certain extent,so it needs to cooperate with fiscal policy to achieve economic goals.By combing the relevant literature,this paper makes a research review from the aspects of the background,connotation,transmission mechanism,implementation effect and implementation suggestions of structural monetary policy.