流动性管理视角下中国货币政策工具有效性研究  

Effectiveness of China's Monetary Policy Tools from a Liquidity Management Perspective

作　　者：史本叶[1] 王晓娟 冯叶[2] Shi Benye;Wang Xiaojuan;Feng Ye

机构地区：[1]吉林大学经济学院,吉林长春130012 [2]中国人民银行长春中心支行

出　　处：《世界经济》2020年第9期147-172,共26页The Journal of World Economy

基　　金：教育部人文社会科学研究规划基金项目(19YJA790073);吉林省社会科学基金重点委托项目(2019WT55);吉林大学哲学社会科学研究重大课题培育项目(2020ZDPY02)的资助。

摘　　要：本文在含有金融摩擦的NK-DSGE模型基础上,通过细致刻画商业银行的资产负债均衡方程,引入央行流动性管理机制,探索了流动性管理工具的传导路径及其在经济处于不同区间时的有效性问题。研究发现:流动性管理工具对经济主体的影响机制和效力在经济处于不同区间时存在显著差异;运用中期借贷便利改变基础货币数量的货币政策操作在经济高增长区间比低增长区间有效,而调整流动性管理工具利率在经济低增长区间比高增长区间更有效;在经济低增长区间,由于企业信贷需求下降导致流动性管理的资产负债表渠道受阻,在运用流动性管理工具改变基础货币数量的同时还应配合调整货币政策工具的“价格”,以提高货币政策有效性。Drawing on the NK-DSGE model with financial friction,this paper introduces the liquidity management mechanism of China's central bank,characterising the balance equation between commercial banks'assets and liabilities,and exploring the transmission path of liquidity management instruments and their effectiveness in different growth regimes.The results indicate that:①the impact of liquidity management instruments on the financial institutions'liquidity management and its transmission to the enterprises'production behaviour is closely related to the business cycle,therefore the transmission mechanism and the effectiveness of liquidity management instruments on the behaviour of economic entities are significantly different across different growth regimes;②monetary policy operations using liquidity management instruments such as medium-term lending facilities(MLFs)to alter the amount of the monetary base are more effective during an economic upturn,while adjusting the interest rates of liquidity management instruments is more effective during an economic downturn;③during an economic downturn,declining demand for corporate credit makes economic entities insensitive to the liquidity injected by the central bank.In this context,the combination of“quantity”and“price”of monetary policy instruments can improve the effectiveness of monetary policy.

关 键 词：流动性管理 经济周期 货币政策传导 货币政策有效性 

分 类 号：E12[军事—军事理论] E32