近年来我国宏观货币政策力度剖析

发布时间：2018-01-28 12:56

本文关键词： 宏观货币政策货币供给利率经济衰退通货膨胀货币政策规则　出处：《当代财经》2012年10期 　论文类型：期刊论文

【摘要】：在2008-2009年我国发生经济收缩的阶段,中央银行大规模增加货币供给和降低利率,有力地抵御了经济收缩,但也导致资产价格上升并在一定程度上助长了2010年的通货膨胀。在2010-2011年我国发生通货膨胀的阶段,中央银行大规模收缩货币供给和提高利率,虽然在一定程度上压抑了通货膨胀,但没有解决成本因素导致的通货膨胀,同时还造成了信贷紧缺和经济收缩的压力。近年宏观货币政策的实践表明,我国宏观货币政策存在力度过大的问题。因此,我国需要建立新的宏观货币政策规则,即稳定货币供给的增长率和利率水平,使货币供给和利率随着实际国内生产总值增长率与国内生产总值目标增长率的差额,以及实际通货膨胀率与目标通货膨胀率的差额进行适度调整。
[Abstract]:During the period of economic contraction in China in 2008-2009, the central bank increased the money supply and lowered the interest rate on a large scale, which was able to resist the economic contraction. But it also led to an increase in asset prices and to some extent contributed to inflation in 2010, which took place in our country in 2010-2011. The massive contraction of the money supply by central banks and the increase in interest rates, although to some extent depressing inflation, did not address the inflation caused by cost factors. At the same time, it also causes the pressure of credit shortage and economic contraction. The practice of macro-monetary policy in recent years shows that the macro-monetary policy of our country has the problem of excessive strength. China needs to establish new macro-monetary policy rules, that is, to stabilize the growth rate of money supply and the level of interest rate. The money supply and interest rate should be adjusted moderately with the difference between the real GDP growth rate and the GDP target growth rate, as well as the difference between the real inflation rate and the target inflation rate.
【作者单位】：北京师范大学经济与工商管理学院;
【分类号】：F822.0
【正文快照】： 一、导言我国的宏观货币政策是指通过调整货币供给和利率来保持经济稳定。我国中央银行的宏观货币政策工具包括:第一,调整法定准备金比率,即通过调整商业银行接受存款所缴存的准备金比率来影响商业银行的信贷规模,从而影响货币供给量;第二,公开市场业务,即通过与交易商买卖政

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