新经济形势下提升货币政策工具运用效率的对策--基于货币当局资产负债表

Countermeasures to Improve the Efficiency of Monetary Policy Tools in the New Economic Situation--Based on the Balance Sheet of the Monetary Authority

本文以人民银行货币当局资产负债表2021年度数据为样本,通过剖析目前央行基础货币的投放特征,认为目前基础货币的投放特点仍有很大的改善空间,结合2021年中央经济工作会议精神,明确2022年我国宏观经济工作是继续采取积极的财政政策及稳健的货币政策。本文建议拓展基础货币投放渠道,选择更多新型货币政策工具,给出提升新型货币政策工具运行效率应完善的条件,以期实现新经济形势下提升货币政策工具在实践过程中的运用效率。

Based on the 2021 annual data of the monetary authority balance sheet of the People’s Bank of China,this paper analyzes the characteristics of the current central bank’s basic currency investment,proposes that the current basic currency investment characteristics still has plenty space for improvement.Combined with the spirit of the 2021 Central Economic Work Conference,it is clear that the macroeconomic work in 2022 should continue to adopt active fi scal policy and robust monetary policy.This paper suggests that we should expand the channels for the delivery of basic currency,select more new monetary policy tools,and give the conditions that should be improved to promote the operational efficiency of new monetary policy tools and the operational efficiency of monetary policy tools in the new economic situation.