摘要
本文首先系统梳理了结构性货币政策工具的动态变迁与多元化发展进程,并在学术镜鉴与政策应用总结的基础上,重点展望中国结构性货币政策工具的未来实践方式。研究发现:第一,"大缓和"时期,货币政策更多关注"总量"问题,常规货币政策工具基本能够满足宏观经济调控需求,"新共识"框架成为主流货币政策调控框架。第二,2008年国际金融危机爆发之后,各国经济发展中的"结构"问题相继暴露,货币政策的"定向"调控需求日渐明显,结构性货币政策工具陆续步入政策前台。第三,新形势下,货币政策当局应该在互补机制、使用频率和操作风险等方面探索中国结构性货币政策工具的创新机制。
This paper first systematically sorts out the dynamic changes and diversified development process of structural monetary policy tools,and focuses on the future practice of China’s structural monetary policy tools based on academic mirror and policy application.The research finds that:first,during the period of"Great Moderation",monetary policy paid more attention to the"total"issues.Conventional tools can basically meet the needs of macroeconomic regulation,and the"New Consensus"framework has become the mainstream monetary policy regulation framework.Second,after the outbreak of the financial crisis in 2008,the"structural"problems in the economic development have been exposed one after another,the"directional"regulation needs of monetary policy has become increasingly obvious,and structural monetary policy tools have smoothly entered the policy frontier.Third,under the new situation,monetary policy authorities should explore innovative mechanisms for structural monetary policy tools in terms of complementary mechanisms,using frequency,and operational risks.
作者
隋建利
张龙
申瑛琦
Sui Jian-li;Zhang Long;Shen Ying-qi
出处
《经济学家》
CSSCI
北大核心
2021年第12期72-80,共9页
Economist
基金
国家自然科学基金面上项目“非线性状态空间混频数据模型在第三产业结构演变研究中的应用”(71573104)
国家社会科学基金重大项目“健全目标优化、分工合理、高效协同的宏观经济治理体系的理论与实践研究”(21ZDA042)。
关键词
结构性货币政策
学术镜鉴
政策应用
实践展望
Structural Monetary Policy
Academic Mirror
Policy Application
Practice Outlook
