摘要
货币政策微观机制传导中,居民扮演着重要的角色,其消费、储蓄资产的选择行为决定着货币政策能否在个人消费层次顺利传导,没有重视消费传导的环节是导致我国近几年货币政策传导效力的下降重要原因之一。本文回顾了货币政策消费传导的理论模型,结合我国的实际情况验证了货币政策消费传导不畅的实际情况,并从央行作用于消费的政策工具、消费风险增大等角度分析出现这种情况的原因。
In the microscopic mechanism transmission of monetary policy, individuals play an important role, whose consuming behaviors and behavior choices of deposit property affect the monetary policy transmission on personal consumption level. One of the most important reasons that cause the decline of efficiency in monetary policy transmission is that we have neglected the link of consumption transmission in recent years. This article reviews the theoretical models of consumption transmission about monetary policy, and validates the actual circumstances that the monetary policy＇s consumption transmission is not smooth in our country, and then analyses the reasons from the angle of policy tools that the central bank utilizes to acts on consumption, and the increased expense risk in consumption.
出处
《上海金融学院学报》
2006年第6期34-39,共6页
Journal of Shanhai Finance University
关键词
货币政策
消费传导
微观主体
monetary policy
transmission of consumption
micro-participants
