货币政策的资本市场传导机制

随着资本市场的迅速发展,传统的货币政策传导渠道有所削弱,资本市场在货币政策的传导过程中发挥着越来越重要的作用.货币政策的资本市场传导机制主要体现在托宾的q效应、非对称信息效应、流动性效应、财富效应和资源配置效应等,应该对经典的IS-LM模型进行修正,从而准确反映资本市场传导机制在均衡产出水平决定过程中的作用.从目前中国的现实来看,货币政策的资本市场传导机制还存在着不少问题,严重影响了货币政策的实际效果,应该采取积极措施,逐步完善我国资本市场的货币政策传导功能,以提高货币政策的有效性.

The Transmission Mechanism of Capital Market of Monetary Policy

With the rapid development of capital market in China, the traditional transmission channels of monetary policy have been weakened. The capital market is playing a more and more important role in the transmission process of monetary policy. This paper analyzes the main transmission channels of monetary policy via capital market and modifies the classical IS-LM model to reflect the function of transmission mechanism of capital market in deciding the level of equilibrium GDP. However, there are many problems in the transmission mechanism of capital market of monetary policy in reality at present, which influence the real effect of monetary policy strictly. Therefore, it is time to take positive measures to perfect the transmission function of capital market and enhance the effectiveness of monetary policy in China.