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China/Asia On Demand
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Transition Economy and the Effectiveness of Monetary Policy
Author(s): 
Pages: 12-19
Year: Issue:  2
Journal: JOURNAL OF SHANGHAI UNIVERSITY OF FINANCE AND ECONOMICS

Keyword:  货币中性货币非中性货币的产出效应货币形态结构货币政策的有效性;
Abstract: 本文从经济均衡机制转换对货币中性或非中性影响的角度,探索经济转轨时期货币政策的有效性问题.文章认为货币中性或非中性的判断有一个"中性→非中性→中性"的演化过程,这一过程一般与货币自身功能的强弱演变相关,而后者又在很大程度上取决于货币形态结构的变化.通过理论推导和实证分析,得出随经济的高速增长和体制转轨,经济均衡机制由资源约束型向需求约束型过渡,货币对实质经济的影响也逐渐减弱,处于由"非中性"向"中性"转变的过程之中,从而削弱了货币政策对扩张有效需求、刺激经济增长的作用.
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