中性货币政策

第六章针对中性货币政策进行了系统研究。

Chapter 6 is about the neutral monetary policy .

一个合适的中性货币政策因而需要政府购买债券来注入流动性，也就是我们称之的“钱”。

A properly neutral monetary policy thus requires that the government buy bonds to inject safe and liquid financial assets what we call " money " into the economy .

回归货币中性：货币政策的最终目标

Returning to Monetary Neutrality : The Ultimate Goal of Monetary Policy

旨在抵御经济波动、即实现并维持经济的稳定增长的稳健的货币政策，其定位应该是介于紧缩与扩张之间的中性的货币政策；

In the view of actual position , there is the room for active fiscal policy , and no need for active monetary policy .

为此，新政府在货币政策、贸易政策等将继续其前任的基本做法，如中性的货币政策和自由与公平贸易政策；

Therefore , the monetary policy and trade policy of the new administration will carry forward the basic approaches of the previous administration such as moderate monetary policy and free and fair trade policy .

这同时也说明货币政策非中性，货币政策的变化通过影响到通货膨胀的变化来改变实际收益率和投资等实际经济活动。

At the same time , it also shows that non-neutral monetary policy , monetary policy affects inflation through changes in the changes to change the real rate of return and actual investment of economic activity .

要作好准备，适时向中性的财政货币政策过渡。

Preparations should be made to transform the present pro-active fiscal policy to a moderate fiscal and monetary policy in due course .

货币非中性与我国货币政策有效性研究

Currency Non-Neutrality and the Research of Chinese Monetary Policy Validity

古典学派最早对货币传导进行了研究，认为货币不过是覆盖在经济活动上的面纱，因此货币中性，自然得出货币政策无效的结论。

Classical School was the earliest ones to research the problem , they considered money was only " the veil which covers the activities of economy ", hence they thought monetary policy was of no availability .

事实上，货币非中性论更接近真理，正是货币非中性论构成了货币政策有效性的理论前提之一，为中央银行金融宏观调控提供了理论基础。

In fact ," view of non-neutral nature " is close to the truth , which makes up one of the theory premises of monetary policy effectiveness , offering a theoretical base for the central bank to make macro-regulation over finance .