转型期我国在货币和货币政策领域的一些认识误区

发布时间：2018-01-13 07:00

本文关键词：转型期我国在货币和货币政策领域的一些认识误区　出处：《理论学刊》2017年03期 　论文类型：期刊论文

【摘要】：我国自1998年开始实质性启动货币和信贷领域的市场化改革。由于理论准备的不足和实践经验的缺乏,时至今日,我国在货币和货币政策领域还存在诸多认识上的误区。主要体现为:缺乏一个简单、适用的分析框架来引领我国的货币政策实践;对信用货币及信用货币在宏观经济中的作用认识不清;严重高估我国真实货币存量;对储蓄向投资转化过程中会派生大量货币类金融资产的机制理解不深;错误地将"社会负债率"作为衡量实体经济杠杆率高低的指标;未充分意识到我国经济增速"下台阶"与需求侧货币供应不足,供给侧产能利用率长期处于低位有很大关系;把"升降息"制度误读为对存、贷款基准利率进行调整;潜意识认为需求侧总量调控和供给侧结构改革相互排斥。这些认识上的误区应予厘清。
[Abstract]:Since 1998 when China began to start substantive monetary and credit fields. Due to the lack of market reform, the insufficiency of theoretical preparation and practical experience in China today, there are many misunderstandings in the field of currency and monetary policy as follows: the lack of a simple monetary policy analysis framework applicable to practice leading in China; the role of credit money and credit money in the macroscopic economy is unclear; overvalued real money stock in China; to understand the mechanism of a large amount of money will derivative financial assets in the process of transforming savings to investment is not deep; mistakenly "social liabilities" as a measure of real economic leverage rate the index; not fully aware of China's economic growth "next step" and the demand side of money supply, the rate of long-term in a great relationship with low supply side capacity; the "interest rate" system of misreading The underlying interest rate is adjusted; the subconscious thought that the demand side total regulation and the supply side structure reform are mutually exclusive. These misunderstanding should be clarified.

【作者单位】：国务院发展研究中心宏观经济研究部;
【分类号】：F822.0
【正文快照】： 一、缺乏一个简单、适用的分析框架来引领我国货币政策实践货币政策主要应对名义总需求的短期波动问题。针对这类问题,目前最简单、实用的分析工具莫过于以货币数量论为基础的总量恒等式——费雪方程:MV=PT,即货币存量M乘以货币流通速度V恒等于物价总水平P乘以经济的实际总产

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