非货币分析法与货币政策中介目标的选择  

The Non-Monetary Approach and the Selection of Intermediate Target of Monetary Policy

作　　者：王铭利[1] 

机构地区：[1]河南大学,河南开封475001

出　　处：《上海金融》2014年第2期52-56,117,共5页Shanghai Finance

摘　　要：传统的货币理论认为货币是与经济联系最紧密的金融变量,货币政策通过货币量的变动影响利率或名义收入作用于总产出,因此货币政策中介目标主要在货币供给量和利率之间进行选择。上世纪五六十年代,一些经济学家提出与经济有关的不应局限于货币,而是包括货币在内的所有金融资产,货币当局应当关注的是创造这些金融资产的所有金融机构,而不仅仅是银行,这被称为"非货币分析法"。非货币分析法构成了社会融资规模作为货币政策中介目标的理论基础。Traditional monetary theories consider that money is the financial variable that is most closely related to the economy,and that monetary policy acts on the total output through affecting interest rates or nominal income by adjusting money supply.Therefore the intermedi-ate target of monetary policy is either interest rates or money supply.In the fifties and sixties in the last century,a number of economists ar-gued that things related to the economy should not be confined to money,but should include all financial assets; monetary authorities should concern about all financial institutions that create these financial assets,not just banks.The argument is well known as 'the non-monetary ap-proach',which constitutes the theoretical basis for the recognition that the social financing scale should be the intermediate target of monetary policy.

关 键 词：货币政策 中介目标 融资规模 理论基础 

分 类 号：F820[经济管理—财政学]