国际宏观背景与央行调控的三轮货币涟漪

Macroeconomic Perspective and Three Monetary Ripples of Central Bank Control

央行启动货币政策工具,就如同向流动性的池塘中投入了一颗石子,涟漪会从中心水域(银行间货币市场,体现为央行资产负债表与商业银行资产负债表的对接)到外围水域(商业银行资产负债表与实体经济资产负债表的对接),再到陆地(实体经济的投资、生产和消费活动)依次展开。文章从国际宏观背景、货币政策传导的角度,着重分析了影响利率走势的因素,并进一步阐述了利率变化带来的影响。

When the central bank puts its monetary tools to work, the impact can be far reaching. These can be a bit like throwing a stone in a pond, creating ripples that spread out from the interbank money market to the balance sheets of the commercial banks. Ultimately, they find their way to the shore — or the real economy, affecting investments, production and consumption. This paper takes a global macroeconomic perspective in examining monetary policy transmission, specifically the factors affecting interest rate movements and their impact.