结构性货币政策能促进经济结构调整吗？——以“定向降准”为例
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| Title | Targeted Monetary Policy to Promote Economic Restructuring?——the Case of Directed RRR Cut
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| 作者 | 冯明 伍戈 |
| Author | Feng Ming and Wu Ge |
| 作者单位 | 中国社会科学院财经战略研究院；中国人民银行货币政策二司 |
| Organization | National Academy of Economic Strategy, CASS;People’s Bank of China |
| 作者Email | fengm.06@sem.tsinghua.edu.cn；wuge@pbc.gov.cn |
| 中文关键词 | 结构性货币政策 定向降准 利率 |
| Key Words | Targeted Monetary Policy; Directed Reserve Requirement Ratio Cut; Interest Rate |
| 内容提要 | 本文通过构建商业银行寡头竞争模型并引入有差别的存款准备金率这一制度设计，从理论上刻画了“定向降准”的作用机制。研究发现，定向降准能够起到降低定向部门融资成本的效果，但只有当贷款需求利率弹性满足一定条件的情况下，定向降准才能收窄定向部门相对于传统部门贷款的利差。基准情形下的数值模拟结果显示，在其他条件不变的情况下，1个百分点的定向降准会使得传统部门和定向部门的贷款利率分别下降约12个基点和17个基点，同时也会分别增加两个部门的贷款量。 |
| Abstract | By constructing a commercial bank oligopoly model with differentiated reserve requirement ratios (RRR), we characterize the micro mechanism of directed RRR cut. We find that the directed RRR cut can reduce the lending rate for the targeted sector, while that for the non-targeted sector also decreases. If and only if the interest rate elasticities of demand for loans meet certain conditions, the directed RRR cut can play the role of narrowing the spread between the lending interest rate for the targeted sector and that for the non-targeted sector. The baseline scenario simulation shows that, in other conditions do not change, a one percentage point directed RRR cut for the targeted sector will decrease the lending rates for the targeted sector and the non-targeted sector by 12 basis points and 17 basis points respectively. Meanwhile, the loan amounts for the two sectors will both be increased. |
| 文章编号 | WP937 |
| 登载时间 | 2015-10-27 |
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