摘要
1997～2006年我国经济运行出现的经济增长和物价波幅减缓、长期通货紧缩、存差持续扩大等新特点,受到广泛关注。本文借助货币政策传导的信贷渠道,将资本监管因素纳入货币政策非对称效应的分析框架,建立了KCC-LM模型。该模型内含的资本监管因素强化的货币政策对银行信贷和产出的非对称效应较好地解释了1997～2006年我国经济波动的新特点及2007～2008年经济的"三高"现象,并揭示了1998年以来我国实施的稳健性货币政策所折射出的"宽货币-紧信贷"的调控思路,该思路的制度性原因是我国金融控制力目标和金融稳定性目标的内在矛盾。
New characteristics of our economic fluctuation from 1997 to 2006 such as the alleviation of economic growth and price fluctuation, long - time deflation and continuous enlargement of deposit - loan differences are well - known. This paper brings bank capital regulation into the framework of asymmetry of monetary policy by means of credit channel of mo- netary policy and establishes KCC - LM model. This model explains well new characteristics of our economic fluctuation from 1997 to 2006 and the Three High economic phenomena during 2007 -2008, and reveals well the regulation logic of Easy Money - Tight Credit that prudent monetary policy implicates, which is the embodiment of contradiction of financial control purpose and financial stability purpose.
出处
《经济与管理研究》
CSSCI
北大核心
2010年第11期39-48,60,共11页
Research on Economics and Management
关键词
资本监
管经济波动
货币政策
非对称效应
Capital Regulation
Economic Fluctuation
Monetary Policy
Asymmetric Effect
