【摘要】：貨幣政策發(fā)揮調(diào)控作用的約束條件包括3個方面:未實際使用的經(jīng)濟(jì)資源、國民經(jīng)濟(jì)的信用化程度、供給曲線的斜率。當(dāng)供給曲線的斜率K_1=0時,貨幣政策的調(diào)控作用最大;當(dāng)供給曲線的斜率K_2=(y_2-y_1)/(x_2-x_1)0時,貨幣政策能夠有效發(fā)揮調(diào)控作用,其調(diào)控效率的大小取決于產(chǎn)出水平與物價水平之間的對比狀況;當(dāng)供給曲線的斜率K_3=(y_3-y_3)/(x_3-x_3)0時,供給曲線與貨幣政策所推動的需求曲線具有相似的走勢,擴(kuò)張性貨幣政策在壓制物價下降的同時也抑制了經(jīng)濟(jì)的增長,緊縮性貨幣政策反倒能夠推動經(jīng)濟(jì)增長,同時伴有物價水平的上升。這是一種比較難以理解的極端現(xiàn)象;當(dāng)供給曲線的斜率K_4=∞時,貨幣政策陷入"流動性陷阱",完全無法有效推動經(jīng)濟(jì)增長。當(dāng)前,全球貨幣政策已經(jīng)走向分化,國際金融市場動蕩不安、危機四伏,中國經(jīng)濟(jì)增長面臨下行壓力,同時又存在潛在的系統(tǒng)性金融風(fēng)險。未來貨幣政策需要財政政策的配合,可行的選擇可能在于實施積極的財政政策以穩(wěn)定經(jīng)濟(jì)增長,實施緊縮性貨幣政策以防范系統(tǒng)性金融風(fēng)險。
[Abstract]:The constraints for monetary policy to play a regulatory role include three aspects: unused economic resources credit degree of national economy and slope of supply curve. When the slope of supply curve is K _ S _ 1 = 0, monetary policy plays the most important role. When the slope of supply curve K _ S _ 2 = (y_2-y_1) / (x_2-x_1) is 0, monetary policy can play an effective role in regulating and controlling, and its regulating efficiency depends on the contrast between output level and price level. When the slope of the supply curve is K _ S _ 3 = (y_3-y_3) / (x_3-x_3) _ 0, the supply curve has a similar trend to the demand curve driven by monetary policy. The expansionary monetary policy not only suppresses the price drop but also suppresses the economic growth. The contractionary monetary policy can promote the economic growth, accompanied by the rise of the price level at the same time. When the slope of supply curve K _ S _ 4 = 鈭，

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