基于IS-LM-BP模型的负利率政策有效性分析  

Analysis of the Effectiveness of Negative Interest Rate Policy Based on IS-LM-BP Model

作　　者：严佳佳 吴森宇 YAN Jiajia;WU Senyu(School of Economics and Management,Fuzhou University,Fuzhou Fujian 350108,China)

机构地区：[1]福州大学经济与管理学院,福建福州350108

出　　处：《金融理论与教学》2023年第6期51-56,67,共7页Finance Theory and Teaching

基　　金：国家社科基金项目“金融扩大开放格局下货币政策与宏观审慎政策有效协调研究”(20BJY234)。

摘　　要：自2008年国际金融危机爆发以来,各国经济遭受重创,诸多国家频繁采取降息为主的宏观调控政策以期挽救经济,负利率政策呈现出固态发展趋势,但从各国实践效果来看表现不一。为此,基于IS-LM-BP模型针对负利率有效性进行研究,结果表明:负利率政策在浮动汇率制下资金可流动时,主要借助利率机制和货币-价格机制的调节作用能够大幅度提高社会总产出,然而在固定汇率制下负利率政策的实施效果存在差异。最后指出负利率政策的研究展望,以完善负利率政策的理论分析框架,深化对负利率理论研究的探讨。Since the outbreak of the international financial crisis in 2008,the economies of various countries have suffered great losses,and many countries have frequently adopted the macroeconomic control policies based on interest rate cuts in order to save the economy.The negative interest rate policy has shown a solid development trend,but from the practice effect of different countries,the performance is different.Therefore,this paper studies the effectiveness of negative interest rate based on IS-LM-BP model,and the results show that when funds can flow under the floating exchange rate system,the negative interest rate policy can greatly improve the total social output through the adjustment of the interest rate mechanism and the money-price mechanism,but the implementation effect of the negative interest rate policy under the fixed exchange rate system is different.Finally,the research prospect of negative interest rate policy is pointed out in order to improve the theoretical analysis framework of negative interest rate policy and deepen the discussion on the theoretical research of negative interest rate.

关 键 词：负利率政策 IS-LM-BP模型 有效性 

分 类 号：F831[经济管理—金融学]