新型货币政策工具定向调控具有显著的靶向性吗——以MLF政策工具为例

江西财经大学学报 ›› 2021, Vol. 0 ›› Issue (5): 47-58.

新型货币政策工具定向调控具有显著的靶向性吗——以MLF政策工具为例

舒长江¹, 罗鸣²

1.南昌航空大学经济管理学院,江西南昌 330063;
2.哈德斯菲尔德大学商学院,英国哈德斯菲尔德HD 13DH

收稿日期:2021-01-11 修回日期:2021-03-17 出版日期:2021-09-25 发布日期:2021-09-29
通讯作者: 舒长江,南昌航空大学副教授,博士,主要从事货币政策、资产价格波动与商业银行脆弱性研究,联系方式641732932@qq.com。
作者简介:罗鸣,英国哈德斯菲尔德大学副教授,博士,博士生导师,主要从事货币市场与公司金融研究。
基金资助:
国家社会科学基金项目“融资约束异质性和经济政策不确定性视角下企业杠杆率动态调整研究”（20BJL137）

Does the Targeted Regulation of the New Monetary Policy Tools Have Significant Targeting? Taking MLF Policy Tool as an Example

SHU Chang-jiang¹, LUO Ming²

1. Nanchang Hangkong University, Nanchang 330063 China;
2. University of Huddersfield, HD13DH, UK

Received:2021-01-11 Revised:2021-03-17 Online:2021-09-25 Published:2021-09-29

摘要/Abstract

摘要： 畅通货币政策传导机制,提高货币政策的精准性,一直是货币当局与学术界持续关注的热点问题。将生物工程领域的靶向性概念引入到货币政策实施效果的评价,通过分析货币政策传导机制的有效性与靶向性内在关联机理,选取2016年1月至2020年5月的月度数据,运用TVP-SV-VAR模型对新型货币政策工具的靶向性效果进行了实证检验。脉冲响应冲击结果表明,企业产出和企业信贷对新型货币政策工具均具有靶向性,但是在数量型货币政策规则下,企业信贷对一年期中期借贷便利的靶向性要强于企业产出对一年期中期借贷便利的靶向性,在价格型货币政策规则下,企业产出对一年期利率的靶向性要强于企业信贷对一年期利率的靶向性。进一步比较发现,对于新型货币政策工具而言,选择数量型货币政规则优于选择价格型货币政策规则。

关键词: 货币政策新工具, 靶向性, 中期借贷便利, TVP-SV-VAR模型

Abstract: Smoothing the transmission mechanism of monetary policy and enhancing the accuracy of monetary policies have been the hotspot issues among the monetary authorities and academics. This article introduces the concept of bioengineering targeting into the assessment of the effect of implementing the monetary policies. Through analyzing the inner link between the effectiveness of the monetary policy transmission mechanism and its targeting, it selects the monthly data from January 2016 to May 2020 and adopts the TVP-SV-VAR model to conduct an empirical test on the targeting effect of the new monetary policy tools. The results of the impulse response impact show that both the output and the credit of enterprises have the targeting to the new monetary policy tools. However, under the quantitative monetary policy rules, the targeting of enterprise loans to MLF12 is stronger than that of the enterprise output to MLF12. Under the price monetary policy rules, the targeting of enterprise output to R12 is stronger than that of enterprise credit to R12. The result of further comparison shows that for the new monetary policy tools, to choose the quantitative monetary policy rules is better than to choose the price monetary policy rules.

Key words: new monetary policy tools, targeting, MLF, TVP-SV-VAR model

中图分类号:

F832.0

舒长江, 罗鸣. 新型货币政策工具定向调控具有显著的靶向性吗——以MLF政策工具为例[J]. 江西财经大学学报, 2021, 0(5): 47-58.

SHU Chang-jiang, LUO Ming. Does the Targeted Regulation of the New Monetary Policy Tools Have Significant Targeting? Taking MLF Policy Tool as an Example[J]. Journal of Jiangxi University of Finance and Economics, 2021, 0(5): 47-58.

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