结构性货币政策理论与实践

Theory and Practice of Structural Monetary Policy

当前经济结构性问题突出的背景下,结构性货币政策工具被许多国家所采用,但是对于结构性货币政策的理论和实践研究还十分有限。本文探讨了结构性货币政策的理论基础,分析了结构性货币政策的传导机制,并回顾了各国几种结构性货币政策的实施效果,最后给出结论与建议。结构性货币政策有效,但实施需要具备一定条件,一是传统货币政策的传导机制失灵;二是经济处于特定发展阶段,经济发展中结构性问题突出,且财政政策不能有效地发挥调控经济增长的作用,需要货币政策支持以改变经济运行发展的不平衡状态。总体上货币政策应以总量政策为主,其结构引导作用是辅助性的。另外,长期使用结构性货币政策会导致很多问题产生,因此不宜长期实施。

In the current context,which has prominent economic structural problems,many countries have adopted structural monetary policy tool,but a structural study of the theory and practice of monetary policy is still very limited.In this paper,we discuss the theoretical basis of structural monetary policy,structural analysis of the transmission mechanism of monetary policy,reviewed the implementation of several structural effects of monetary policy,and finally,conclusions the recommendations.First,implementation of structural monetary policy is effective,but requires certain conditions.Second,monetary policy is a aggregate policy essentially,whose structure-directing role is complementary.Finally,long-term implementation of structural monetary policy will lead to many new problems.