摘要
新时代以来,我国经济逐渐步入高质量发展阶段,但长期非均衡发展方式导致结构性问题日益凸显,货币政策传导机制的不畅造成我国中小企业融资难、融资贵。为实现中小企业高质量与可持续发展,达到中性货币政策下经济结构调整与优化的目标,人民银行相继创设了一系列创新型货币政策工具。本文梳理了我国创新型货币政策工具的发展脉络、传导机制并结合我国实际情况构建DSGE模型,分析发现创新型货币政策工具可以在短期内降低我国中小企业的融资成本,提升投资产出水平,改善企业的投资收益率,但尚存在政策效果、政策效率需要提升的问题;进一步研究发现,在考虑汇率冲击影响下,创新型货币政策工具的施策效果表现出较强的独立性。
Since the new era,China has gradually stepped into high-quality development,but the long-term unbalanced development approach has also led to increasingly prominent structural problems in the economy.The poor transmission mechanism of monetary policy makes financing difficult and expensive for SMEs.In order to achieve the high and sustainable development for SMEs,and the goal of economic restructuring and optimization under the neutral monetary policy,the People’s Bank of China has created a series of innovative monetary policy tools.This paper reviewed the development venation and transmission mechanism of China’s innovative monetary policy tools,and constructed DSGE model based on the actual situation.This paper finds that innovative monetary policy tools can reduce the financing cost of SMEs,promote investment output level and improve the investment rate of return for enterprises in the short term.However,there remains the policy effect and efficiency matter.Further research shows that,considering the impact of exchange rate shocks,there is strong independence effect for innovative monetary policy tools.
作者
张博
吴昱
郭丽君
黄雁宁
Zhang Bo;Wu Yu;Guo Lijun;Huang Yanning
出处
《开发性金融研究》
2024年第1期13-25,共13页
Development Finance Research
基金
广州市哲学社科规划2022年度课题(项目编号:2022GZGJ37)
广州市哲学社科规划2023年度课题(项目编号:2023GZYB75)
广东省教育厅重点学科研究提升项目(项目编号:2021ZDJS117,2022ZDJS134)
广东省哲学社会科学规划基金(项目编号:GD23XYJ56)
广州商学院2021年度校级重点项目“粤港澳大湾区科技金融合作机制与协同发展研究”(项目编号:2021XJZD01)资助
关键词
创新型货币政策
发展脉络
DSGE模型
汇率冲击
Innovative Monetary Policy
Development Venation
DSGE Model
Exchange Rates Shocks
作者简介
张博,广州商学院经济学院、特华博士后科研工作站博士后,经济学博士;吴昱,广州商学院经济学院,金融学博士;郭丽君,中国社科院大学研究生院,经济学博士研究生;黄雁宁,中国科学技术信息研究所,经济学博士。
