基于央行效用动态最优化模型的货币政策传导有效性研究

从央行效用最大化的角度出发，运用极大值原理，构建央行效用的动态最优化模型，探讨货币政策传导中的经济主体行为对其传导有效性的影响。结果发现：第一，货币政策传导的时间长短，直接取决于商业银行对货币政策信号的敏感度大小。第二，当实行扩张的货币政策时，商业银行对货币政策的反应比企业和居民更重要；相反当实行紧缩的货币政策时，企业和居民对货币政策的反应比商业银行更重要。优化商业银行、企业、居民三大经济主体行为，能够有效提高其对货币政策信号的敏感程度，进而提高货币政策传导有效性。

On Monetary Policy Transmission Validity Based on Dynamic Optimization Model of Central Bank Utility

By maximizing the central bank utility, this paper uses maximum principles to build a dynamic optimization model of central bank utility, and discusses the effect of economic subject behavior on the monetary policy transmission validity. It turns out that, firstly, the length of time on monetary policy transmission is directly determined by the sensitivity of commercial banks to the monetary policy signals; secondly, under expansionary monetary policy, the response of commercial banks is more important than the response of enterprises and residents, while under tight monetary policy, the response of enterprises and residents is more important than the response of commercial banks. Optimizing the behaviors of commercial banks, enterprises and residents can effectively improve their sensitivity to the monetary policy signals, and therefore improve the monetary policy transmission validity.