A Rethinking of the New Consensus Macro-Monetary Theory
回顾了新共识宏观货币理论的结构与争议，指出该模型忽视货币存量导致其在次贷危机后暴露弱点，建议货币政策回归包含数量、价格等工具的传统中介手段，而非仅依赖短期利率。
The New Consensus Macro-Monetary Theory has become a fundamental and long debating one among the contemporary monetary theories in the past decade.After the burst of the subprime crisis,the weakness of the New Consensus model without money stock has led to a serious discussion,the paper briefly reviews the structure and disputes of the New Consensus model,and then suggests that the monetary policy should return to the traditional intermediate tools that synthetically include the quantitative,pricing and other instrument, instead of only the short-term interest rate.