摘要
为了应对次贷危机之后的长期萧条,欧元区与日本于2014年和2016年相继开始实施负利率政策。负利率不仅打破了政策利率零下限的教条,而且对现有理论提出了挑战。基于后凯恩斯主义理论对负利率政策的传导渠道及其有效性的影响因素进行的分析发现,负利率政策成败的关键取决于两个方面:一是能否有效修复各部门的资产负债表,增强商业银行贷款供给意愿,二是能否有效增加企业投资需求和贷款需求。只有这两个方面同时发挥作用,负利率政策才能实现预期目标。
To deal with the serious depression after the subprime crisis, the Euro area and Japan have started to implement negative interest rate policies. These policies have not only broken the doctrine of the zero lower bound, but also challenged the existing theories. Based on the Post Keynesian theory, this paper focuses on the influence factors on the effectiveness of negative interest rate policies. The success of the negative interest rate policy lies in its effectiveness to improve the balance sheets of both the financial and nonfinancial sectors to impulse loans supply and the effectiveness to increase the enterprises＇ investment demand and the loans demand.
作者
范志勇
FAN Zhi-yong(School of Economics, Renmin University of China, Beijing 100872)
出处
《中国人民大学学报》
CSSCI
北大核心
2017年第2期82-89,共8页
Journal of Renmin University of China
基金
马克思主义理论研究和建设工程重大项目"防范和化解经济金融风险"(2015MZD33)
国家社会科学基金重大项目"从‘大缓和’到‘大衰退’的西方宏观经济学理论与政策的大反思"(14ZDB123)
关键词
负利率政策
后凯恩斯主义
资产负债表
货币供给
negative interest rate policy~ Post-Keynesian Economics
balance sheet
money supply
