后危机时代融合式货币政策决策框架探索  

Research on “Converged” Monetary Policy Decision-making Framework of Post-crisis Era

作　　者：尹久[1] 吴新宇[1] 

机构地区：[1]中国人民银行沈阳分行货币信贷管理处

出　　处：《国际金融研究》2015年第2期23-34,共12页Studies of International Finance

摘　　要：货币政策决策在宏观经济主流理论中是一个常被忽视的问题。本文发现,决策存在量价演变规律,背后隐含流动性分析路径,这一路径说明"价"与"量"统一归结为流动性调整。向流动性分析路径回归是重新思考货币与经济关系的逻辑起点,也意味着有可能在一个统一的框架下反思货币经济关系。基于上述发现,本文创新性地构建了广义货币政策决策的融合式新框架,包括目标、分析与工具三个层面,以此为理论依据研究了操作层面的决策逻辑。对于作为主线的流动性分析,创新性地提出以"能力、风险、趋势"作为要素的"ART框架"。Monetary policy decision-making is an ignored issue in macro economic mainstream theory. This paper carries on a theoretical and empirical research innovatively focusing on the basic issues. The main findings are： monetary policy decision-making demonstrated the evolution of the ＂ quantity, pHce, quantity, price, and quantity＂ . A liquidity analysis path is embedded in this evolution, and this path shows that the ＂price＂ and ＂quantity＂ are essentially uniform due to the liquidity adjustment. Regression to the path of liquidity analysis is a logical start to rethink the relationship between money and economy, which means that it is necessary and possible to rethink the relation between money and economy in a unified framework. Based on the above findings, the paper innovatively constructed a ＂ converged＂ new framework for generalized monetary policy decision-making, including three levels of goals, analysis and tools. Based on the above theory, this paper studied the decision-making logic at operational level, formed the analyzing chain. As for the core content, namely the liquidity analysis, this paper proposed an ＂ART＂ framework.

关 键 词：融合式 货币流动性 货币政策决策 

分 类 号：F831[经济管理—金融学]