通货紧缩时期扩张性货币政策的局限性

The limitations of the Easy Monetary Policy in the Deflation Period

就经济理论而言,通货紧缩时期应实行扩张性货币政策。但许多国家和地区的实践表明,通缩时期扩张性货币政策的加速作用小于通货膨胀时期紧缩性货币政策的减速作用,也就是说,扩张性货币政策的效果较弱。导致这种结果的原因是通货紧缩时期扩张性货币政策的局限性,即通货紧缩时期,经济主体的预期和行为,使利率传导渠道失效;商业银行的信贷配给,使货币政策效果进一步弱化;货币供给内生性增强,使央行控制货币供应的能力减弱;价格的粘性,使通缩时期产出的增加乏力。

According to economic theories,in the deflation period,easy monetary policy should be carried out. However, in many countries and areas, the practices showed that the accelerating function of easy monetary policy in the deflation period is less than the decelerating function of tight monetary policy in the inflation period,that is to say,in the deflation period, the effects of easy monetary policy are relatively bad. This fact is contributed to the limitations of the easy monetary policy in the deflation period,which lie in(1)that the public expectations caused interest rate channel to be invalid;(2)that the credit rationing of commercial banks caused the monetary policy effects to become less and less;(3)that the strengthening of money supply's endogenous caused the central bank's ability of controlling the money supply to weaken;(4)that the price rigidty caused the products in the deflation period to be unable to increase.