摘要
"大缓和"时期形成的货币政策理论"新共识"在金融危机期间遭遇巨大挑战,常规性的宽松政策在刺激经济回稳中持续性地失效。在此背景下,非常规货币政策理论兴起并迅速发展,本文系统地梳理了非常规货币政策的目标、工具等,分析了以经济活动盯住制或者名义GDP盯住制代替传统通胀盯住制的可能性,阐述了前瞻指引、扭曲操作、量化宽松等政策工具应对危机的作用,并强调了加强宏观审慎监管的必要性。最后,本文贴合中国实际指出,在利率双轨制的约束和银行惜贷情绪弥漫的背景下,我国具有使用非常规货币政策的现实背景。
＂New Consensus＂, a monetary policy theory forming in the ＂Great Moderation＂, was tremendously challenged during the financial crisis. Conventional slack policy was gradually losing effect in reinvigorating the economy. This paper analyzes the objectives and instruments of unconventional mone tary policy, and the possibilities of, replacing traditional inflation targeting with economic activities targeting or the nominal GDP targeting. This paper also expounds the roles of forward guidance, operation twist, quantitative easing and other policy instruments in dealing with the crisis, and stresses the necessi ty of strengthening macro--prudential supervision. It also points out that under the background of dual system of interest rate restriction and the diffusing mood of bank credit crunch, China is facing the situation of using the non-conventional monetary policy.
出处
《教学与研究》
CSSCI
北大核心
2016年第4期54-64,共11页
Teaching and Research
关键词
新共识
非常规货币政策
金融危机
new consensus
unconventional monetary policy
financial crisis
