货币供给性质的变化对货币政策效率的影响

纯外生货币经济中由于央行控制货币量的能力较强,因而紧缩的货币政策效果显著;内生性较强的货币经济中央行无法准确控制货币量,因此以货币供应量为中间目标的扩张性货币政策在治理通货紧缩时效果不好。应尝试新的以利率为中间目标的货币政策。

The Effect of the Variation of the Nature of Monetary Supply on the Efficiency of Monetary Policy

In the pure exogenous money economy,the Central Bank has a comparatively strong capacity of controlling the amount of money,therefore,the monetary policy of deflation is highly efficient.In the endogenous money economy,the Central Bank cannot control the amount of money accurately,therefore,the expansive monetary policy with the amount of money as the mid-target is not efficient in the solution of monetary deflation.We should try a new monetary policy with the interest as the mid-target.