货币政策非对称效应的研究述评和启示

The Review and Enlightenment of the Research on Asymmetric Effects of Monetary Policy

货币政策非对称效应是宏观经济学货币政策效力研究的理论前沿问题之一,该理论基于货币非中性理论,对货币政策的传导和效力进行了深入、细致的研究。本文回顾了货币政策非对称效应的定义和分类,造成非对称效应的原因,以及从货币供应量、联邦基金利率、长短期利率差、货币当局的政策取向等指标变化测度货币政策非对称效应的实证研究成果。基于研究述评,建议从企业产权的角度综合分析我国货币政策非对称效应的主要特点,为解决民营企业融资难、融资贵问题,指导货币政策实践提供理论支撑。

The asymmetric effect of monetary policy is one of the theoretical frontier issues in the research on the effectiveness of macroeconomics monetary policy.This theory originates from the theory of non-neutral currency,and it conducts in-depth and meticulous research on the transmission and effectiveness of monetary policy.This paper reviews the definition and classification of asymmetric effects of monetary policy.It also explores the causes of asymmetric effects,and summarizes the empirical research fruits of the measurement of the asymmetric effects of monetary policy,from indicators such as currency supply,federal funds rate,spread of long-term and short-term interest rate,and authority’s monetary policy orientation.Based on the review,it is suggested to analyze,from the perspective of enterprise property rights,the main characteristics of the asymmetric effect of China’s monetary policy,with the purpose to solve the problems of financing difficulties and costly financing for private enterprises.Furthermore,it will provide theoretical support for the practice of monetary policy.