货币中性

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

本文对长期货币中性的理论研究进行了回顾。

This paper reviews the literature of long run monetary neutrality .

货币中性问题在中国的实证研究及政策意义

The Empirical Research and the Policy Significance of the Monetary Neutrality in China

货币中性理论评述

The Remark of the Theory of Monetary Neutrality

我国货币中性问题实证分析

Quantitative Analysis of the Monetary Neutrality

将在经济中进行经济决策的三组代理人分为居民户、企业和政府，并利用这个模型分析了在充分就业条件下的货币中性以及在低于充分就业条件下的货币非中性。

In the model , the three groups of decision-makers are households , firms , and the government .

文章认为货币中性或非中性的判断有一个中性→非中性→中性的演化过程，这一过程一般与货币自身功能的强弱演变相关，而后者又在很大程度上取决于货币形态结构的变化。

By this means , the article presents that the criterion of neutral ( or non neutral ) of the currency is varied with the process from neutrality to non neutrality , then to non neutrality which is determined by the change of currency formation structure .

我国货币长期中性的实证研究

An Empirical Study of the Long - term Monetary Neutrality in China

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

货币长期中性对经济增长的意义

The Significance of " Monetary Long-run Neutrality " for Policy

即：货币是否中性和利率如何决定，货币政策的效果如何。

To Introduce Interest Rate Neuter Times Further more , the effect of money policy is good or not .

根据货币非中性约束条件，货币量变动通过对相对价格体系的影响而影响产出与就业。

According to the conditions of the non-neutrality of money constraint , the changes in money supply influence production and employment by effects on the system of relative prices .

“货币长期中性”是货币在充分就业经济水平上的中性。“货币长期中性”的概念没有实际意义。

The " Monetary long-term neutrality " is the neutrality when money maintains at the economic level of full-employment The concept of " monetary long-term neutrality " is of no practical significance .

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 .

因此结论是：除了经济已经达到充分就业和严重坏帐掣肘商业银行放款这两种情形外，货币不是中性的。

Therefore , a conclusion can be drawn that money is not neutral unless in the following two situations : one is that there is full employment in economy and the other is that the bad debts are too serious to handicap the commercial banks to loan .

中国古代的货币政策非中性思想

Non - neutral Thoughts of Monetary Policy in Ancient China

通过对四个阶段的分析可以得出，货币政策不是中性的。

Through analysis of the four stages , the monetary policy is not neutral .

“货币短期非中性”是货币在低于充分就业经济水平上的有效性。

The " monetary short-term non-neutrality " is the effectiveness when money is under the economic level of full-employment .

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 .

因为从金融稳定的角度来看，货币政策并不是中性的，所以，货币政策能够减轻或至少抵消一些金融不稳定性对实体经济活动的负面影响。

As judging financial stability , the monetary policy was non-neutral . So , monetary policy was able to mitigate some negative influence of financial instabilities on the real economic activity .

在理论综述部分，作者着重指出严格说来古典货币理论是一种长期货币中性论，而一些研究笼统地将古典货币理论等同于中性货币论是有失偏颇的。

In this part of the essay , the author point out that the classical monetary theories are the long run monetary neutrality theories .

本论文主要从理论方面对货币量变动影响实质经济的问题（货币非中性问题）进行研究。

This paper focuses on the theoretical dimension of the fact that the change in money supply influences real economy , i.e. of the non-neutrality of money issues .

建立向量自回归和向量误差校正模型，发现长期内产出的变化与货币供应量的变化没有必然联系，在长期货币是中性的，而货币供应量在短期和长期对物价水平都有影响。

The VAR model proves that in long - run money is neutral , however , money variable affect prices in both short - run and long run .

自古典经济学派就开始研究货币与产出的关系，并通过货币数量论得出货币中性的结论。此后，各大经济学派都对这一课题进行了研究，但结论不一。

Since the Classical Economics School began to study the relationship between money and output and draw the monetary neutrality conclusion by the quantity theory of money , almost all the major economic schools studied this topic , but never drew the same conclusion .

因此，我国的信贷规模具有一定程度的内生性，并非为中央银行绝对控制，信贷规模对货币政策的响应程度有限，商业银行并非是货币政策的中性传导者，信贷渠道的传导效果降低。

Therefore we conclude that in China the bank lending scale has a certain degree of endogenous and is not absolutely controlled by the Central Bank .

第二部分对货币政策的利率传导机制进行了理论分析，首先主要论述了货币中性问题，在综合分析大多数理论界的观点后，更倾向于认为，在实际经济中，货币是非中性的。

In the second chapter , mainly remember the dominating theory of transmission mechanism of monetary policy , and discuss the neutrality of money ;

对货币供给与价格关系的研究，可用来检验货币政策的效应及货币是否中性。

The studies on the relationship between money supply and price are helpful to test the effect of monetary policy and the neutrality of money .

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 .