【摘要】：貨幣政策發(fā)揮調(diào)控作用的約束條件包括3個(gè)方面:未實(shí)際使用的經(jīng)濟(jì)資源、國(guó)民經(jīng)濟(jì)的信用化程度、供給曲線(xiàn)的斜率。當(dāng)供給曲線(xiàn)的斜率K_1=0時(shí),貨幣政策的調(diào)控作用最大;當(dāng)供給曲線(xiàn)的斜率K_2=(y_2-y_1)/(x_2-x_1)0時(shí),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(jià)水平之間的對(duì)比狀況;當(dāng)供給曲線(xiàn)的斜率K_3=(y_3-y_3)/(x_3-x_3)0時(shí),供給曲線(xiàn)與貨幣政策所推動(dòng)的需求曲線(xiàn)具有相似的走勢(shì),擴(kuò)張性貨幣政策在壓制物價(jià)下降的同時(shí)也抑制了經(jīng)濟(jì)的增長(zhǎng),緊縮性貨幣政策反倒能夠推動(dòng)經(jīng)濟(jì)增長(zhǎng),同時(shí)伴有物價(jià)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(xiàn)的斜率K_4=∞時(shí),貨幣政策陷入"流動(dòng)性陷阱",完全無(wú)法有效推動(dòng)經(jīng)濟(jì)增長(zhǎng)。當(dāng)前,全球貨幣政策已經(jīng)走向分化,國(guó)際金融市場(chǎng)動(dòng)蕩不安、危機(jī)四伏,中國(guó)經(jīng)濟(jì)增長(zhǎng)面臨下行壓力,同時(shí)又存在潛在的系統(tǒng)性金融風(fēng)險(xiǎn)。未來(lái)貨幣政策需要財(cái)政政策的配合,可行的選擇可能在于實(shí)施積極的財(cái)政政策以穩(wěn)定經(jīng)濟(jì)增長(zhǎng),實(shí)施緊縮性貨幣政策以防范系統(tǒng)性金融風(fēng)險(xiǎn)。
[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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