基于微观视角的货币政策组合非对称传导效应研究

项目名称： 基于微观视角的货币政策组合非对称传导效应研究

项目编号： No.71473039

项目类型： 面上项目

立项/批准年度： 2015

项目学科： 管理科学

项目作者： 黄志刚

作者单位： 福州大学

项目金额： 65万元

中文摘要： 传统货币政策传导机制理论主要从宏观角度研究货币政策对经济总产出、通货膨胀的纵向与横向非对称传导效应。宏观货币政策的选择须建立在对微观主体行为的正确判断之上，本课题试图构造一个从货币政策到微观经济主体行为传导机制的研究框架，从企业产出与风险承担两个维度分析货币政策及其组合非对称传导效应，从货币政策与企业两个角度深入剖析引致货币政策及其组合的非对称传导效应的原因，在传统货币政策传导机制理论模型只考虑实体经济量的增长基础上，进一步关注风险承担对实体经济质的影响。据此，本课题将研究建立货币政策及其组合的多目标决策模型和从微观审慎与宏观审慎管理角度构建风险管理体系，为国家宏观调控动态寻求最优货币政策组合和企业有效控制风险服务。因此在理论上丰富和完善了货币政策传导机制理论和宏观调控理论，在实践上可为货币政策工具及其组合、力度、时机和方向的选择提供决策依据，避免货币政策理论效力与实际效力的偏离。

中文关键词： 货币政策组合；非对称效应；微观视角；多目标决策

英文摘要： Traditional theory of monetary policy transmission mechanism is mainly about the longitudinal and transverse asymmetric transmission effect of monetary policy on total economic output and inflation from a macro perspective. To select macro monetary policy must be based on judging behaviors of microscopic subjects correctly. This issue attempts to construct a research framework about transmission mechanism from monetary policy to microeconomic agents' behavior, analyze asymmetric transmission effect of monetary policy and its combination in two dimensions of output and risk-taking of enterprise, and analyze in depth reasons for asymmetric transmission effect of monetary policy and its combination from the perspective of monetary policy and company. Based on attention of quantity of growth, the impact of risk on quality of real economy will be further concerned in the traditional theoretical model of monetary policy transmission mechanism. So we set multi-objective decision model of monetary policy and its combination, and build risk management system from the micro-prudential and macro-prudential perspective, to find the optimal dynamic macro-control policy combination for nation and serve for business risk controlling effectively. Then we can not only enrich and improve the monetary policy transmission mechanism theory and macro-control theory, but also provide a decision-making basis for the selection of monetary policy tools, their combination, strength, timing and direction, and avoid the actual effectiveness deviation from the theoretical effectiveness of monetary policy.

英文关键词： Monetary Policy Combination;Asymmetric Effect;Micro Perspective;Multi-objective Decision