分类号密级公开
UDC 编号20213510017
硕士学位论文
（学术学位）
中国结构性货币政策传导渠道与影响效应研究
申请人姓名张勇琦
导师姓名及职称吴周恒，副教授
申请学位类别经济学硕士
学科专业名称金融学
培养单位金融学院
学位授予单位广东外语外贸大学
2024年5月20日
分类号密级公开
UDC 编号20213510017
广东外语外贸大学硕士学位论文
（学术学位）
中国结构性货币政策传导渠道与影响效应研究
Research on conduction mechanism and effects of China
structural monetary policy
申请人姓名张勇琦
导师姓名及职称吴周恒，副教授
申请学位类别经济学硕士
学科专业名称金融学
论文提交日期2024年5月20日
论文答辩日期2024年4月28日
答辩委员会傅元海，教授
杨公齐，教授
邓超，副教授
钟茜，讲师
张瀚文，讲师
学位授予单位：广东外语外贸大学
摘要
结构性货币政策是在常规货币政策无法解决日益突出的结构性问题时应运
而生的创新型货币政策工具，具有精准性和直达性。当金融危机给全球经济带
来负面冲击、常规货币政策手段因零利率下限约束而失灵时，发达国家陆续推
出创新型货币政策。考虑到中国除了受到全球经济下行压力，还要面对内部经
济发展转型压力，中国人民银行自2013年开始推出结构性货币政策工具。2020
年新冠疫情爆发，为缓解疫情对经济造成的负面影响，中国频繁使用结构性再
贴现和再贷款工具，结构性货币政策工具的地位日益上升。为加快经济恢复的
速度，2024年中央经济会议着重强调未来要加强结构性货币政策工具对国民经
济薄弱领域以及实体经济的扶持力度。因此，结构性货币政策成为各界讨论的
焦点，但是目前对于结构性货币政策工具体系的构建仍不完善，尚处于探索阶
段。故在此背景下，本文研究中国结构性货币的传导渠道和影响效应具有理论
意义和实践意义。
本文构建动态随机一般均衡模型对结构性货币政策传导渠道与影响效应进
行研究。本文所构建的模型包含常规货币政策和结构性货币政策，通过比较二
者的不同以便更好地研究结构性货币政策传导渠道。同时，本文将信贷市场供
求双方金融摩擦引入动态随机一般均衡模型，分别是信贷需求方的提前贷款约
束与信贷供给方的外部融资激励约束，以此来研究金融摩擦下结构性货币政策
的传导效果。除此之外，本文对结构性货币政策进行了三种形式的构建，分别
是结构性货币政策外生冲击、盯住中间目标的结构性货币政策和盯住最终目标
的结构性货币政策。
本文研究结果显示结构性货币政策在实施过程中具有结构性特征，不同规
则的结构性货币政策具有不同的调控效果。盯住中介目标的结构性货币政策的
调控主体是利差，盯住最终目标的结构性货币政策是根据产出和通胀来调整信
贷供给。盯住利差的结构性货币政策能够更好地发挥促进产出的作用，盯住最
终目标的结构性货币政策抗通胀能力更强，在金融摩擦程度较轻的情况下，结
构性货币政策发挥的作用更大。本文最后根据研究结果进行分析总结并提出相
应的政策建议，为未来结构性货币政策的实施与创新提供一定的参考意见。
关键词结构性货币政策；传导机制；货币政策规则；动态随机一般均衡模型
I
Abstract
Structural monetary policy is an innovative monetary policy tool that emerged
when conventional monetary policy cannot solve increasingly prominent structural
problems,with precision and directness.When the financial crisis has brought a
negative impact on the global economy and conventional monetary policy measures
are constrained by the Zero Lower Bound,developed countries have successively
launched innovative monetary policies.Considering that China is facing not only the
global economy downturn,but also the pressure of internal economic development
and transformation,the People's Bank of China has launched structural monetary
policy tools since 2013.In order to alleviate the negative impact of the epidemic on
the economy in 2020,China has frequently used structural rediscounting and
relending tools,and the status of structural monetary policy tools has been increasing.
In order to accelerate the pace of economic recovery,the 2024Central Economic
Conference emphasized the need to strengthen the support of structural monetary
policy tools for the weak areas of the national economy and the real economy in the
future.Therefore,structural monetary policy has become the focus of discussion,
causing widespread concern in all academic.However,the construction of structural
monetary policy tool system is still imperfect and is still in the exploratory stage.
Therefore,in this context,it is of theoretical and practical significance to study the
transmission channels and influence effects of China's structural currency.
In this paper,a dynamic stochastic general equilibrium model is constructed to
study the transmission channels and influence effects of structural monetary policy.
The model constructed in this paper includes conventional monetary policy and
structural monetary policy,and the difference between the two is compared in order to
better study the transmission channels of structural monetary policy.At the same time,
this paper introduces the financial friction between the supply and demand sides of the
credit market into the dynamic stochastic general equilibrium model,which is the
early loan constraint on the credit demand side and the external financing incentive
constraint on the credit supply side,so as to study the transmission effect of structural
monetary policy under financial friction.In addition,this paper constructs three forms
of structural monetary policy,namely,the exogenous shock of structural monetary
policy,the structural monetary policy aimed at the intermediate target,and the
structural monetary policy aimed at the ultimate goal.
II
The results of this paper show that structural monetary policy has structural
characteristics in the implementation process,and structural monetary policies with
different rules have different regulatory effects.Interest rate spreads are the main
subject of structural monetary policy aimed at intermediary targets,and structural
monetary policy focused on ultimate targets is to adjust credit supply according to
output and inflation.Structural monetary policy pegged to interest rate spreads can
stimulate output better,and structural monetary policy pegged to the ultimate goal is
more resistant to inflation,and in the case of less financial friction,structural
monetary policy plays a greater role.Finally,this paper analyzes and summarizes the
research results and puts forward corresponding policy suggestions,which provide
some reference for the implementation and innovation of structural monetary policy in
the future.
Key words:structural monetary policy;transmission mechanism;monetary policy
rules;dynamic stochastic general equilibrium model
III