日本银行新货币政策框架及其效果前瞻  

New monetary policy framework of the Bank of Japan and its effect

作　　者：益言 

出　　处：《中国货币市场》2017年第1期69-73,共5页China Money

摘　　要：2016年9月，日本银行宣布实施新货币政策框架。文章认为，日本银行调整货币政策框架主要是由于其原有货币政策因传导渠道不畅而迟迟无法实现既定通胀目标，同时还存在技术性瓶颈和一定负面影响。但是，由于日本人口老龄化和劳动生产率增速放缓等结构性瓶颈难以解决，量化宽松政策难以顺利转化为国内消费和投资的增长，预计日本银行新货币政策框架也将很难如期实现2％的通胀目标。In September 2016, the Bank of Japan announced the implementation of a new monetary policy framework. The essay believes that the adjustment of the monetary policy framework is largely driven by the failure to achieve the inflation target resulted from the poor transmission channels, along with the technical bottlenecks and negative impacts of the old monetary policies. However, due to Japan＇s structural bottlenecks such as population ageing and slowing productivity growth, it is rather difficult for the quantity easing policy to promote the growth of consumption and investment. It is believed that the 2% inflation target is still hard to achieve even with the new monetary policy framework of the Bank of Japan.

关 键 词：货币政策框架 日本银行 劳动生产率 人口老龄化 传导渠道 银行调整 负面影响 技术性 

分 类 号：F822.0[经济管理—财政学]