我国货币政策非对称效应下调控工具的选择与搭配  

Optimal Choice of Quantitative and Price-based Monetary Policy Instruments:Based on the Asymmetric Effects of Monetary Policy from A Perspective of Enterprises' Property Rights

作　　者：王去非[1] 易振华[1] 陈一稀[1] 项燕彪[1] 

机构地区：[1]中国人民银行杭州中心支行,浙江杭州310001

出　　处：《金融研究》2015年第6期30-47,共18页Journal of Financial Research

摘　　要：本文将企业产权的异质性所造成的货币政策非对称性效应纳入到货币政策分析框架,通过构建基于企业产权异质性和信贷供给"二元"特征的DSGE模型,研究如何根据经济冲击的类型、宏观调控需求,选择价格工具和数量工具,实现货币政策工具的最优搭配和使用。研究结果表明:货币政策对不同产权性质企业的影响是非对称的,这种非对称影响因经济周期不同阶段而异;价格工具是应对成本推动型通胀的较好工具;数量工具和价格工具合理搭配是应对需求拉动型通胀时较好的选择;而当经济面临产业结构调整冲击时,价格工具能够很好地促进产出增长,但当非国有企业的融资约束出现时,需要数量工具相应的调整。This paper portrays the asymmetric effects of monetary policy caused by heterogeneity of property rights of enterprises into the framework of monetary policy analysis, and then it studies how to choose the optimal choice of monetary policy instruments between quantity - oriented instrument and price - oriented instrument according to the type of economic shock and monetary policy target by constructing a model with the characteristic of basing on the heterogeneity of property rights of enterprises and the ＂dual characteristic＂ of credit supply. And we find that： the impacts of monetary policy on the enterprises with different property rights are asymmetrical, and these asymmetric effects vary with different stages of the economic cycle; the price - based instrument is a better choice to deal with the cost push shock ; the appropriate combination of quantity - oriented instrument and priceoriented instrument is a better choice to cope with demand pull inflation; And when the economy faces shock from industrial restructuring, the price - based tool can well promote output growth at the beginning, but the appropriate combination of instruments should be chosen when the financing constraints of non- state- owned enterprises appear.

关 键 词：货币政策工具 产权异质性 非对称效应 

分 类 号：F822.0[经济管理—财政学]