货币政策信贷传导渠道研究述评

随着宏观经济学与金融市场理论的不断演进，传统的货币政策传导渠道理论开始显现出明显的局限性，该理论假定金融市场上的信息是完全的，不存在信息不完全、不对称问题，金融市场也不存在结构问题，这种假定显然与金融市场的实际不相符。本文就货币政策信贷传导渠道的内容进行述评，阐述存在摩擦性因素下货币政策如何通过广义利率以外的因素影响实体经济。

A Review on the Credit Transmission Channel of Monetary Policy

With the development of macroeconomics and financial market theory, the traditional theory of monetary policy transmission channels began to show obvious limitations, which assuming that financial market information is complete, there is no problem of incomplete and asymmetric information, and financial markets do not exist the structure problem. This assump-tion is not consistent with the actual financial markets. In this paper, the content of the credit transmission channel of mone-tary policy is reviewed, and the way monetary policy affecting the real economy with market fictions through the factors out-sides the generalized interest rate is described.