货币政策微观传导机制与政策效率研究:后WTO时期的新现象

China's Micro Monetary Transmission and the Effectiveness of Monetary Policy in Post-WTO Accession Era

本文针对我国加入WTO后货币政策的微观传导机制出现的诸多新现象和新问题 ,实证评析货币政策效率及其影响因素 ,论证了目前制约基层央行货币政策效率的主因是货币政策传导信号不强 ,操作手段乏力 ,微观主、客体活力不足 ,以及居民对货币政策预期不足等基本因素 ;同时并抓住“入世”后 ,对微观传导机制形成冲击的若干变量 ,提出可行的政策措施 。

This paper studies new issues of China's monetary transmission in post-WTO accession era, empirically showing the effectiveness of monetary policy. Some suggestions are put forward to improve the monetary policy instruments under the given shocks.