结构性货币政策与经济高质量发展:作用机制与优化路径  

Structural Monetary Policy and Economic High-quality Development:Mechanism and Optimization

作　　者：金成晓[1,2] 姜旭[2] Jin Chengxiao;Jiang Xu

机构地区：[1]吉林大学数量经济研究中心,长春130012 [2]吉林大学商学院,长春130012

出　　处：《经济问题探索》2021年第11期122-134,共13页Inquiry Into Economic Issues

基　　金：国家自然科学基金项目“中国金融周期的波动特征、形成机理及其与经济周期的动态关联机制研究”(71873056),项目负责人:邓创;教育部规划基金项目“基于状态识别与工具协调的货币政策与宏观审慎政策双支柱调控框架研究”(19YJA790036),项目负责人:金成晓。

摘　　要：利用主成分分析法得到经济高质量发展评价指标,并利用SV-TVP-FAVAR模型对我国结构性货币政策的阶段变迁和政策效果进行测度,考察其对经济高质量发展的支撑作用和政策特点。研究发现,我国结构性货币政策的发展路径经历了五个阶段,其功能由拓宽基础货币投放渠道逐渐向助力经济高质量发展过渡,政策影响具有中长期特点,且利率及信贷渠道是其对经济高质量发展水平产生影响的主要机制,具备一定程度的市场化特点。未来应从常态化发展、整合政策框架、提高政策效率、加强与积极财政政策配合四个角度,对结构性货币政策进行创新和优化,为供给侧结构性改革和经济高质量发展营造良好的经济金融环境。This paper uses principal component analysis to get the evaluation index of high-quality economic development and uses the SV-TVP-FAVAR model to measure the stage change and policy effect of China’s structural monetary policy and investigate its supporting role and policy characteristics for high-quality economic development.It is found that the development path of China’s structural monetary policy has gone through five stages,and its function has gradually transited from broadening the channel of the basic money supply to supporting for the economic high-quality development.The policy impact is mainly reflected in the medium and long-term,and the interest rate and credit channels are the main mechanisms to affect the high-quality development level of the economy.The policy tools have market-oriented characteristics.In the future,we should innovate and optimize the structural monetary policy from four perspectives:enhancing normalization,integrating policy framework,improving policy efficiency,and strengthening coordination with proactive fiscal policy,so as to create a good economic and financial environment for the structural reform of the supply front and the economic high-quality development.

关 键 词：结构性货币政策 经济高质量发展 货币政策转型 SV-TVP-FAVAR模型 

分 类 号：F822[经济管理—财政学]