经济下行周期下货币政策作用的特征与政策选择  

The Characteristics of Monetary Policy and Policy Options in Depression

作　　者：宋建江[1] 李巧琴[1] 金小平[1] 孙诗雄[1] 

机构地区：[1]中国人民银行宁波市中心支行,浙江宁波315040

出　　处：《上海金融》2009年第8期35-37,共3页Shanghai Finance

摘　　要：货币政策对经济周期的上升和下行两个不同阶段的作用力具有不对称性。在经济下行与资产价格下跌叠加的情况下,货币政策要采取总量扩张的方式予以应对,并在投向上支持扩大消费、就业以及中小企业、"三农"等领域。为此,要克服信贷的顺周期倾向,以疏通货币政策的传导机制,并在金融体制上积极创新,推行资产证券化,扩大担保体系建设,拓宽企业融资渠道。The effects of monetary policy are asymmetric. China＇s macro economy is declining after consecutive five years of double-digit growth rate. As the characteristics, the prohibition effect of monetary policy is stronger than the stimulation effect. As a result, in the circumstance of economic depression and asset price plummet, monetary policy should be expansionary, and particularly backstop areas such as consumption, employment, etc.

关 键 词：经济周期 货币政策 不对称性 

分 类 号：F830[经济管理—金融学]