CAJ | 학술논문

不同于传统的凯恩斯主义，成本渠道理论注重利率调整等货币政策的变动对供给方的影响，认为紧缩性生的货币政策通过利率和金融中介传导，通常导致价格水平的升高而不是下降。在高效率的金融中介体系中，成本渠道反而发挥着重要作用。在一个低效率的金融中介体系中，货币政策对产出和价格的冲击及对直接成本的影响是有限的。成本渠道的存在对中央银行货币政策的决策和执行有重要参考价值，它削弱了调整利率应对冲击的有效性，导致中央银行在执行最优货币政策时面临稳定通货膨胀和产出缺口之间的权衡。
불동우전통적개은사주의，성본거도이론주중리솔조정등화폐정책적변동대공급방적영향，인위긴축성생적화폐정책통과리솔화금융중개전도，통상도치개격수평적승고이불시하강。재고효솔적금융중개체계중，성본거도반이발휘착중요작용。재일개저효솔적금융중개체계중，화폐정책대산출화개격적충격급대직접성본적영향시유한적。성본거도적존재대중앙은행화폐정책적결책화집행유중요삼고개치，타삭약료조정리솔응대충격적유효성，도치중앙은행재집행최우화폐정책시면림은정통화팽창화산출결구지간적권형。
Different from the traditional Keynes doctrine, the cost channel theory emphasizes the effects of mo- netary policy change on the supply, such as interest rate adjustment etc. It thinks that tightening of monetary policy through the interest rate and financial intermediary conduction usually leads to price level rising instead of falling. In a high efficient financial intermediary system, the cost channel plays an important role;in a low efficient financial intermediary system, monetary policy＇s impact on output, channel has important reference value to the central bank＇ price and the direct costs is limited. The existence of the s monetary policy decision - making and implementation, which undermines the effectiveness of interest rates adjustment. The effects of cost channel make central banks hard in the trade - off between controlling inflation and output gap when implementing the optimal monetary policy.