After the outbreak of the financial crisis in 2008，The effectiveness of traditional monetary policy continues to decline，"New Consensus" monetary policy framework has been criticized and reflected in the mainstream macroeconomics community。Under the influence of the crisis，Main developed economies are facing fiscal policy short -term results、Zero interest rate lower limit of conventional monetary policy、The macro -prudential framework restricts the triple constraint on the upper limit of debt。So，The central banks of various countries generally adopt various unconventional monetary policy，Specifically, it is through strengthening liquidity support and large -scale asset purchase, etc. to cope with dysfunction of financial market function，The purpose is to maintain financial stability in the short term and restore the real economic growth in the medium and long term，The structural monetary policy played an important role。The evolution of structural monetary policy is closely related to new development of monetary policy theory after crisis，At the same time, it has further enriched the theoretical connotation and logic framework of monetary policy。

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The 1980s and 1990s was the "great ease" period of the Western economy，During this period，The main developed economies led by the United States present "low inflation、High Growth "is a good situation，After nearly 20 years of prosperity cycle。The economy continues to accelerate the integration and development of macroeconomic theory，New Keynesian and Monetary Criticism、Accept and promote，"New Consensus" formed a macroeconomics。The core of the "new consensus" monetary policy theory framework is the inflation target system represented by Taylor rules，A single goal of inhibiting inflation through a single tool with the benchmark interest rate，Interest rates play a key role in the framework of monetary policy operation。Its conduction mechanism is，The central bank affects the interest rate level of the financial market by regulating the short -term interest rate，then transmitted to medium bet365 Play online games and long -term interest rates，Repeat asset price、Credit and exchange rates, etc.，The final reflection of the total demand level of the real economy。

Under this framework，On the one hand, the central bank's excessive attention to the ultimate goal of monetary policy has led to weakening the attention of the target of the intermediary; on the other hand, the function of fiscal policy is weakened，Status has dropped sharply。So，The total amount of monetary policy and macroeconomic policy is further strengthened，Various structural problems in the economic system，Especially the problem of the target and conduction mechanism of the monetary policy intermediary is covered in the virtual。

The outbreak of the financial crisis not only caused great damage to the financial system and economic system，It also formed a serious impact on the "new consensus" monetary policy theory framework。The operating framework of "single goal -single tool" cannot effectively respond to the risk and economic structure of the financial system after the crisis，The goal of financial stability has been re -discovered and has become an important policy basis。The academic community generally believes，It is the theory of traditional monetary policy theory that ignores structural factors such as financial intermediaries and financial friction，Only leading to the occurrence of crisis and the failure of traditional monetary policy。So，How to incorporate financial friction into the benchmark model in the face of monetary policy、How to re -understand the role of fiscal and debt policies，How to carry out effective financial supervision and other series of new challenges。and the traditional total quantitative monetary policy is particularly weak in responding to new challenges and problems，This provides the foundation for theoretically the central bank's implementation of structural monetary policy。

Definition of structural monetary policy，The academic world has not reached a consensus。Traditional theory is generally considered，Fiscal policy acts on a certain department or industry，A structural effect; and the monetary policy acts on the overall macroeconomic through adjustment of price and quantitative tools，Therefore, it is a total quantitative policy，No structural features。But some scholars believe that the structured monetary Bet365 app download policy is incomplete to define the structural monetary policy only from the differences between traditional fiscal policies and monetary policy，If you consider the operation tools of monetary policy、The micro level of conduction mechanism and implementation object，The traditional monetary policy will also produce structural effects logically。For example，Due to the different degree of demand for credit for different micro -subjects，The impact of monetary policy is asymmetric，Therefore, any monetary policy has structural characteristics。

　　Logic of the evolution of structural monetary policy after the financial crisis in 2008

Before and after the crisis in 2008，The monetary policy of developed economies and emerging economies has undergone the evolution of "conventional monetary policy -unconventional monetary policy -structural monetary policy"。Under the impact of the crisis，Traditional total quantitative monetary policy tools such as open market operation、Deposit Reserve、Cashback and re -loan，Although the macroeconomic liquidity is insufficient in the total amount，However, during the crisis period, due to the high risk expectations of commercial banks and the willingness of low loans to be changed，Financing constraints of the real economy are still tightening。New research discovery，The structural mismatch of the monetary policy and the financial system is an important cause of the financial crisis，Facing the constraints of credit tightening and lower interest rates，Conventional monetary policy framework operation fails。So，During the crisis response process，The developed economy of the developed economy represented by the Fed and the European Central Bank has successively changed the traditional monetary policy operation framework，Instead of implementing various innovative "unconventional" monetary policy tools，Buy assets、Quantitative easing、Negative interest、forward -looking guidelines, etc.，to make up for the defects of conventional monetary policy。

In practice，Central banks of various countries, especially in response to liquidity traps and credit traps caused by the obstruction of the monetary policy transmission mechanism，A variety of unconventional structural tools。If the Federal Reserve is to restore the normal credit mechanism between Bet365 app download financial institutions，Introduction of regular securities borrowing convenience、Business Bill Financing Tool、Regular assets support securities loan tools and other measures，The Orientation of the European Central Bank's targeted long -term refinancing operation、The Bank of England's financing loan plan and the stimulating bank loan convenience of the Bank of Japan belong to this kind of tool。The implementation mechanism of these innovative structural monetary policy，It uses targeted tools to provide liquidity support for specific financial departments or physical industries，Structural regulation improves the short -term liquidity of the market。The purpose is to solve the problem of excessive financing costs caused by the "structural liquidity gap" due to the "structural liquidity gap"，Support credit investment towards the real economic department。Empirical research of some scholars，During the crisis, the Federal Reserve asset purchase and targeted credit support to a certain extent reduced the interest rates of long -term bonds and MBS，Therefore, the central bank affirmed the effect of providing targeted liquidity support for financial institutions and commercial banks。

Compared with traditional monetary policy，Innovative structural monetary policy advantages are: first，Effectively avoids the total amount of "zero interest rate lower limit" limit rules and liquidity trap problems，It improves the market structure through direct control of long -term borrowing interest rates; second，The trend of deteriorating market prosperity and decline in investor confidence，By targeting providing liquidity, it plays a role in guiding the flow of funds and boosting market expectations;，Effectively balanced structural problems such as the long -lasting conduction mechanism and other levels of conduction mechanism，A coordinated balance between the financial system and the real economy。

　　New direction of structural monetary policy theory

Since 2013，The People's Bank of China In order to improve the flexibility and targetedness of policy tools，Under the background of the decline in the effectiveness of traditional monetary policy，Constantly innovate the existing monetary policy tools，further enriching the theoretical connotation of structural monetary policy。The benchmark interest rate in conventional deposit bet365 best casino games and loan、Traditional tools such as deposit reserve and positive repurchase，I have adopted an asymmetric reduction in one after another、Short -term liquidity adjustment tool (SLO)、Frequent lending convenience (SLF)、Merf and TMLF、Mortgage supplementary loan (PSL) and re -loan、Structural monetary policy tools such as re -discounting。Under the overall positioning of "stable" monetary policy，The structural monetary policy of "unconventional" is stabilizing the market liquidity、Build a interest rate corridor、Guide market interest rates and support the real economy，In particular, the development of the three farmers and small and micro enterprises has played a positive role。The practice of structural monetary policy improves the central bank's monetary policy tool box，It also provides new perspective and experience for the development of monetary policy theory。At the theoretical and policy level，You need to study in depth of the following questions，to better implement the theoretical foundation for structural monetary policy。

First, the role and significance of structural monetary policy on the transformation of monetary policy frameworks。Current，China's monetary policy framework is in a transition period that is mainly based on quantitative regulation and controlling price control，The central bank is committed to constructing the "interest rate corridor" mechanism，Gradually improve the price -based regulatory system based on interest rate marketization。The "Thirteenth Five -Year Plan" plan proposed the "improvement of monetary policy operation goals、Regulatory framework and conduction mechanism，Build a target interest rate and interest rate corridor mechanism，The basic idea of ​​promoting monetary policy from quantity type to price types is mainly based "，In the report of the 19th National Congress of the Communist Party of China, further proposed the "improvement of monetary policy and macro -prudential policy dual -pillar regulation framework，Deepening interest rate and exchange rate marketization reform "，Further determine the overall goal for the transformation of China's monetary policy framework。Under the "Double Pillar" system，How to adapt to multiple effective goals for structural monetary policy，and the adjustment and innovation of the operating tools and conduction bet365 Play online games mechanisms to promote the transformation of the monetary policy framework，It is an important proposition that needs further research。

Second, the positioning of structural monetary policy and its coordination issues with other economic policies。After the crisis，Structural unconventional monetary policy implemented by developed countries in Europe and the United States aims to alleviate market liquidity tightening，Restore the financial market function，Is a crisis rescue method。The structural monetary policy implemented by China is to provide a directional solution mechanism for the structural contradictions in the real field，It is active directional regulation，even becoming a "conventional" operation。But from the perspective of monetary policy positioning，Frequent structural tools with many such tools and complex deadlines，It is expected to have a negative effect on the management market，There are conflicts with the positioning of monetary policy goals。At the theoretical and policy level，Monetary authorities need to consider and study the normalization of structural monetary policy，Focus on solving the negative effects of "structural" distortion and "directional dependencies" in the operation process，Correctly handling the structural monetary policy "intervention in the market"。Although the monetary policy is responsible for the central bank，But the structural adjustment of the real economy is not solved by the central bank alone。Therefore, the central bank should consider building with traditional monetary policy、Macro -prudential policy、fiscal policy、Tax policies and other incentives of incentives for directional regulation，Especially in differentiated credit、In the policy of targeted reduction，To further study how to take the necessary supporting measures，Uncertainty of reducing policy transmission。

Third, the relationship between structural monetary policy and financial supply -side reform。In the context of continuous deepening structural reforms of supply -side structural reforms，How to use structural monetary policy tools，Give full play to the role of "precise drip irrigation" of the stable monetary policy，to promote and deepen the structural reform of the financial supply side，It is important for the adjustment and reform of monetary policy，It is also an important content of the current and future time of monetary bet365 best casino games policy operations at the theoretical and policy research level。In particular, the credit support and direct financing issues targeting private enterprises and small and micro enterprises, as well as key areas and weak links for the development of national economic development，Structural monetary policy further innovation and improvement also have huge space，The implementation effect of structural monetary policy also needs to be more scientific evaluation and research。

　　(Author Unit: School of Economics, Renmin University of China、National Institute of Development and Strategy)