供给侧改革背景下我国货币政策传导效应分析--基于货币政策调控目标视角

摘要

Under the background of supply-side reform, monetary policy affects not only the level of interest rate changes, but also the price level, employment situation and economic structure adjustment. Whether China can achieve the goal of macroeconomic regulation depends on the effectiveness of monetary policy. This article sorts out the monetary policy in-struments adopted by the People’s Bank of China in recent years, examines the transmission effect of China’s monetary policy from three aspects of operational target, intermediate target and ultimate target, and draws the conclusion that Chi-na’s monetary policy transmission effect is weakening. By analyzing the monetary policy transmission mechanism in three channels of interest rate, credit and asset price in China, it finds that the conflicting multiple targets of monetary policy, defects of quantitative monetary policy, poor transmission channels and monetary policy instrument defects of directional structure are the main causes of weakening China’s monetary policy transmission effect. On the basis of the above, it puts forward some suggestions on improving the transmission effect of monetary policy.%供给侧改革背景下，货币政策不仅主导着利率水平的变化，更与物价水平、充分就业、经济结构调整息息相关。能否实现国家宏观调控的目标，货币政策的有效性是关键。本文梳理了近年来人民银行采用的货币政策工具，从操作目标、中介目标、最终目标三个角度考察我国货币政策的传导效应，总结出我国货币政策存在着传导效应和弱化现象。通过分析我国利率、信贷、资产价格三个渠道的货币政策传导机制，发现货币政策多重目标冲突、数量型货币调控目标弊端、货币政策传导渠道不畅、定向结构货币政策工具缺陷是我国货币政策传导效应弱化的主要原因。在此基础上，对于强化我国货币政策传导效应提出了相应的政策建议。