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央行在近日发布的《中国货币政策执行报告(2009年第二季度)》(以下简称《报告》)中提出,要坚定不移地继续落实适度宽松的货币政策,根据国内外经济走势和价格变化,注重运用市场化手段进行动态微调。 相似文献
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近日,中国人民银行货币政策分析小组公布了《2002年中国货币政策执行报告》,报告既是对2002年经济发展和货币政策的总结,也明确阐述了2003年货币政策的目标及执行重点。在报告"预测和展望"部分中指出"2003年继续执行稳健的货币政策,保持政策的连续性和稳定性,加强预调和微调,大力发展货币市场,完善和灵活运用多种货 相似文献
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吴光 《金融经济(湖南)》2009,(9):10-12
8月5日,中国人民银行公布了《中国货币政策执行报告》,指出:2009年上半年金融机构贷款快速增长,中长期贷款占比大幅上升;同时提出:下阶段将坚定不移地继续落实适度宽松的货币政策,根据国内外经济走势和价格变化,注重运用市场化手段进行动态微调。此言一出,立刻在经济领域,尤其是股市、房市引起极大反响。 相似文献
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在货币当局资产负债表中,资产项目影响货币政策方向,负债项目反映调控手段及资金流向。各项资产将预期为货币当局带来现金流入,采用不同配置方式将获得不同的资产收益。各项负债需要货币当局如期支付资金占用成本,不同融资方式产生不同的利息费用,影响货币政策调控总成本。虽然货币当局没有盈利需求,但站在货币当局资产利用率及货币政策成本角度考量货币当局绩效,将促使货币当局在货币政策制定及执行中降本增收、提高效率。 相似文献
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Robert G. King 《Journal of Monetary Economics》1981,7(2):195-206
The monetary theory of business fluctuations in market clearing models constructed under the rational expectations assumption — as advanced by Lucas and others — involves the idea that suppliers and demanders will typically misinterpret movements in the general level of prices as representing more or less favorable relative opportunities for real activities. The present paper examines the consequences of agents' possessing contemporaneous monetary information — of a potentially noisy variety — for the non-neutrality of unanticipated monetary events, within such an equilibrium business cycle model. This modification of the information structure has the strong testable implication that real activity will be uncorrelated with contemporaneous monetary data. 相似文献
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到2011年6月,美国量化宽松货币政策(QE2)将如期结束,按目前形势分析,继续推出QE3的必要性在降低,宽松货币政策将开始"转向",但转向可能存在延误。宽松政策的退出意味着全球充裕低成本资金时代即将结束,将对全球经济金融发展带来更多的不确定性影响。 相似文献
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本文利用事件研究法考察了美联储货币政策对我国资产价格的影响。研究发现美联储货币政策会显著影响我国资产价格,美联储加息会降低我国债券和股票回报,降息则会提高债券和股票回报。将美联储货币政策进行细分后发现,预期到的货币政策调整对债券市场和股票市场的回报都有显著影响,而未预期到的货币政策调整和前瞻性指引只影响债券市场。进一步的研究表明,未预期到的美联储货币政策调整和前瞻性指引还会加剧我国金融市场的波动率。本文的研究结论为美联储货币政策对我国经济金融的影响提供了新的证据,对于投资者提高投资收益、降低投资风险以及货币当局完善我国货币政策调控和维护我国金融市场稳定具有重要意义。 相似文献
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Interstate banking will improve the efficiency of the payments system. This will occur because the number of handlings for multiple-bank payments (transit items) will fall and because some multiple-bank payments will be transformed into single-bank payments (on-us items). These effects are simulated using data on the current cross-section relationship between banking structure and check clearing patterns in a multinomial logit model. The Federal Reserve, which currently processes almost one-third of all checks, is predicted to lose 43 to 60 percent of its market share. The annual impact is expected to be gradual, however, since interstate banking will be phased in and because of offsetting growth in the total check clearing market. 相似文献
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基于BIS基准标准和国际借鉴,对中国人民银行LPR新机制的基准特征和未来曲线进行展望,得出结论:LPR报价机制选定MLF为利率锚发挥中期政策利率作用,是提高货币政策传导效率的优选方案;按照国际基准评测标准具有显著的特征,新基准曲线构建,有助于实现逆周期政策调控降低实体经济融资成本的目标。主要建议:稳预期,正确解读中期政策利率;推进存量贷款新基准的平稳转换,确立LPR贷款定价中基准地位;规划发展衍生产品市场,构建政策传导机制的市场环境。 相似文献
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DAVID A. MARSHALL 《The Journal of Finance》1992,47(4):1315-1342
Postwar U.S. data are characterized by negative correlations between real equity returns and inflation and by positive correlations between real equity returns and money growth. These patterns are closely matched quantitatively by an equilibrium monetary asset pricing model. The model also implies negative correlations between expected asset returns and expected inflation, and it predicts that the inflation-asset return correlation will be more strongly negative when inflation is generated by fluctuations in real economic activity than when it is generated by monetary fluctuations. 相似文献
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通过构建基于商业银行资产负债结构的地方债置换分析框架,研究表明,地方债置换将通过商业银行资产结构在贷款与债券之间的配置调整影响货币供给,它将使银行可贷资金增加,并导致贷款规模的变化,在贷款创造存款的信用放大机制下,引起货币供应量的变化,进而造成货币政策的扩张(收缩).贷款市场的供求弹性将决定地方债置换的扩张效应或收缩效应.在经济增长放缓、银行为弥补持有地方债收益下降、地方债纳入货币政策工具的抵押品和质押品范围的情况下,地方债置换具有货币政策扩张效应.为减少地方债对金融市场的冲击,央行需密切监测商业银行资金运用情况,提高货币政策操作的针对性,并加强同财政政策的协同配合. 相似文献
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Alexis Derviz 《Financial Markets and Portfolio Management》2012,26(3):333-368
I model a number of imperfections in financial intermediation that have implications for real economic activity in a production economy with technological risk. Partially opaque firms are financed by both debt and insider equity. Banks have market power over borrowers. There can be a prior bias in public beliefs about aggregate productivity (business sentiment). I investigate the dependence of equilibrium on the biased business sentiment and a prudential policy instrument (a convex dependence of bank capital requirements on the quantity of uncollateralized credit). Loss given default can be reduced by both a monetary restriction and a macroprudential restriction. Real implications of both are very similar in the aggregate, but macroprudential policies are more advantageous for bank earnings. On the other hand, the policies considered here are unable to reduce the number of defaulting firms (default frequency). Economic activity is highly sensitive to ??leaning against the wind?? actions on both fronts, so that using a macroprudential instrument to intervene against an asset price bubble has tangible welfare costs comparable to those of a monetary restriction. The costs can be offset by fine tuning capital charges as a function of corporate governance on the borrower side (specifically, by discouraging limited liability of borrowing firm managers). 相似文献
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In this paper, we study the role played by central bank communication in monetary policy transmission. We employ the Swiss Economic Institute’s Monetary Policy Communicator to measure the future stance of the European Central Bank’s monetary policy. Our results indicate, first, that communication has an influence on inflation (expectations) similar to that of actual target rate changes. Communication also plays a noticeable role in the transmission of monetary policy to output. Consequently, future work on monetary policy transmission should incorporate both a short-term interest rate and a communication indicator. A second finding is that the monetary policy transmission mechanism changed during the financial crisis as the overall effect of monetary policy on (expected) inflation and output is weaker and of shorter duration during this period compared to the overall sample period. 相似文献