我国创新型货币政策的利率效应和价格效应分析  

Analysis of the Interest Rate Effect and the Price Effect of Innovative Monetary Policy Tools in China

作　　者：陈子龙 CHEN Zilong(School of Finance, Anhui University of Finance and Economics, Bengbu,Anhui 233030)

机构地区：[1]安徽财经大学金融学院,安徽蚌埠233030

出　　处：《绵阳师范学院学报》2020年第6期53-60,共8页Journal of Mianyang Teachers＇ College

基　　金：安徽财经大学研究生科研基金项目“新时期我国财政政策与货币政策协调配合的宏观经济效应分析——基于因素增强型向量自回归模型”(ACYC2018118)。

摘　　要：以创新型货币政策工具常备借贷便利(SLF)、中期借贷便利(MLF)、抵押补充贷款(PSL)为政策变量,运用月度数据分析创新型货币政策工具对物价水平和利率变动的影响。实证结果表明,创新型货币政策工具能有效稳定物价,降低市场利率,对利率的调控能力相对于cpi较强,其中常备借贷便利和抵押补充贷款对利率效果显著,而对cpi的影响上,常备借贷便利最为显著。In this paper,the standing lending facility(SLF),medium-term lending facility(MLF)and mortgage supplementary loan(PSL)are used as policy variables to analyze the impact of innovative monetary policy tools on the price level and the interest rate by using monthly data.The empirical results show that innovative monetary policy tools can effectively stabilize prices and lower market interest rates,and have a stronger ability to control interest rates than cpi.Among them,standing lending facility and mortgage supplementary loan have a significant effect on interest rates,while standing lending facility has the most significant effect on cpi.

关 键 词：创新型货币政策 物价 居民消费价格指数 利率 

分 类 号：F822[经济管理—财政学]