商业研究

商业研究

• 商经理论 • 上一篇    下一篇

我国结构性货币政策执行效果的检验

孙少岩，刘芮嘉   

  1. （吉林大学 经济学院，长春 130012）
  • 收稿日期:2019-07-05 出版日期:2019-10-16
  • 作者简介:：孙少岩（1965-），男，长春人，吉林大学国有经济研究中心、吉林大学经济学院教授，博士生导师，经济学博士，研究方向：金融理论与政策；刘芮嘉（1989-），本文通讯作者，女，黑龙江伊春人，吉林大学经济学院博士研究生，研究方向：金融理论与政策。

A Test of the Implementation Effect of China′s Structural Monetary Policy

SUN Shao-yan, LIU Rui-jia   

  1. (School of Economics, Jilin University, Changchun 130012,China)
  • Received:2019-07-05 Online:2019-10-16

摘要： ：我国经济发展步入新常态以后，为适应供给侧改革的发展战略，货币供给方式和政策发生了根本性改变，由以对冲外汇占款为基础转向以国内资本因素为基础，并开始实行结构性货币政策调节流动性。本文在对现阶段我国货币政策执行框架进行梳理的基础上，探讨货币政策的结构性调节作用，并采用VAR模型将结构性货币政策分为数量型和利率导向型，分别对两类货币政策对经济增长、利率波动、上市公司总市值和物价水平四个层面的效应进行实证分析。研究表明，利率导向型政策作用力度总体大于数量型货币政策，因而在政策运用中需针对不同背景及政策目标，灵活选取多项政策组合以期取得最优执行效果。

关键词: 资产重估, 货币政策框架, 结构性货币政策, 货币政策执行

Abstract: After China′s economic development has entered the new normal, in order to adapt to the development strategy of supply side reform, the mode and policy of money supply have changed fundamentally: from the basis of hedging foreign exchange to the basis of domestic capital factor, and began to implement structural monetary policy to regulate liquidity.On the basis of sorting out the current implementation framework of China′s monetary policy, this paper discusses the structural regulatory role of monetary policy, uses VAR model to divide the structural monetary policy into quantitative type and interest rate oriented type, and empirically analyzes the effects of the two types of monetary policy on economic growth, interest rate fluctuation, total market value of listed companies and price level.The results show that the effect of interest-rate oriented policy is stronger than quantitative monetary policy, so it is necessary to select multiple policy combinations flexibly according to different backgrounds and policy objectives in order to achieve the best implementation effect.

Key words: assets revaluation, monetary policy framework, structural monetary policy, monetary policy implementation