论中美货币政策差异及其分配效应

本文通过对货币政策的分析,认为货币政策的增长效应是有限的,分配效应是具有破坏性的,其造成的社会财富的剥夺和转移恶化了收入分配。因此,货币主义的单一规则对总量管理仍然具有很强的指导意义。本文认为,货币供给的总量管理应该永远是稳健的,结构调整应更多地依靠利率和财政政策。美元的弱势和中国的强劲增长为人民币国际化打开了空间。中国应该抓住历史机遇,积极推进人民币自由化、国际化进程。

Difference between China and US Monetary Policy and Their Distributional Effect

This paper studies distributional effect of both China and US Monetary Policy.It is shown that monetary policy has short run and limited effect on economic aggregates but long run and huge and disastrous distributional effect on the economy.Because of unreasonable monetary policy,part of social wealth may be deprived and transferred from one party to another,causing polarization of income distribution.The paper suggests that aggregate money supply should be controlled to match economic aggregate and interest policy and fiscal policy play a bigger role in economic structure changes.Current dollar weakness and strong growth of Chinese economy opens a wider space for Renminbi liberalization and internationalization.China should seize the historical opportunity to promote this process.