货币政策传导机制研究批判

当前关于货币政策传导机制的研究,主要存在以下几方面的问题:各渠道代理变量有"以偏概全"或者"以整体代局部"之嫌;实证逻辑的基础脱离现实,且混淆了充分和必要条件;现有文献中的检测模型没有有效展现机制的收敛和突变特征;利率在传导机制中的"核心"地位受到市场假定和经济人假定的挑战。

Criticism about the Research of the Monetary Policy Transmission Mechanism

This paper finds that problems in the current empirical test documents about the monetary policy transmission mechanism are mainly as follows:taking into account of the proxy variables,there are cases of substituting the whole for the part,or vice versa;the foundation of the empirical test is far away from reality,and the necessary and sufficient conditions are logically confused;the current test models cannot effectively show the characteristic of convergence and mutation;the core position of interest rate in the transmission mechanism is challenged by hypotheses of the human and the market.