金融中介被动管理与主动管理视角下的货币政策传导机制比较研究  

A Comparative Study of Monetary Policy Transmission Mechanism from the Perspective of Passive Management and Active Management of Financial Intermediaries

作　　者：郭杰[1] 王闻达[1] Guo Jie;Wang Wenda(School of Economics, Renmin University of China, Beijing 100872)

机构地区：[1]中国人民大学经济学院

出　　处：《教学与研究》2018年第6期52-59,共8页Teaching and Research

基　　金：教育部人文社会科学重点研究基地重大项目"稳增长背景下管理好通货膨胀预期的财政与货币政策组合研究"(项目号:12JJD790012)的阶段性成果

摘　　要：2008年金融危机之后,货币政策的执行一直无法达到预期中的效果,很多学者认为这是由于货币政策的传导机制不畅,传统的货币政策传导理论受到了挑战。一部分学者认为传统理论错误地定义了金融中介在传导机制中的作用,认为金融中介的主动管理行为会对货币政策的传导机制产生影响。本文对两种不同视角下的货币政策传导机制做了比较研究,对当前货币政策传导效果不佳的现实进行了解释,并为我国的货币政策制定提出了建议。After the financial crisis in 2008, the implementation of monetary policy has not been able to achieve the desired effect. Many scholars believe that this is due to the poor transmission mechanism of monetary policy, and the traditional theory of monetary policy transmission has been challenged. Some scholars believe that the traditional theoretical errors define the role of financial intermediaries in the transmission mechanism, and the active management behavior of financial intermediaries will have an impact on the transmission mechanism of monetary policy. This paper makes a comparative study on the transmission mechanism of monetary policy under two different perspectives, explains the reality of the poor transmission effect of the current monetary policy, and puts forward some suggestions for the for- mulation of monetary policy in China.

关 键 词：金融中介 主动管理 货币政策传导机制 

分 类 号：F822.0[经济管理—财政学]