| The counter-cyclical role of monetary policy has always been a controversial topic in macroeconomics,and the related theoretical research and practical analysis are also deepening.Since the outbreak of the US financial crisis in 2008,the Keynesian monetary policy has once again become the first choose of the governments,which,while easing the crisis at that time,has brought about negative effects.Today,the academic community in recent years,the effect of monetary policy is still mixed,but also once again triggered the effectiveness of monetary policy counter-cyclical debate.Each school based on the school's viewpoints and positions on the relationship between monetary policy and economic cycle demonstration analysis,and its conclusions are very different,which also put forward to the government "how to use monetary policy to play its positive regulatory role" problem.The main logic of this paper is as follows:First,through the comparative analysis of the method,the Keynesian school,the neo-liberal school and the Marxist school on the monetary and economic cycle relationship between the theoretical point of view.The Keynesian school sees money as an exogenous variable that is independent of the economy and affirms the important role of monetary policy in stabilizing the economic cycle.Neoliberalism essentially sees money as an endogenous variable and argues that the government's monetary policy will not only disrupt the economy,but it will even be the culprit in causing new economic fluctuations.Although Marx also sees money as an endogenous variable,it argues that institutional problems such as ownership and distribution within the economy are the underlying causes of the economic cycle,and monetary credit is at best in the same direction as the expansion or reduction of the economic cycle Role,settlement cycle or crisis problems have to start from the economy itself.In short,this part based on the Marxist position,the three schools of the views of the review,to guide China's economic practice to provide a theoretical basis.Secondly,using the method of historical analysis,this paper investigates the use of Keynesian monetary policy in different historical periods in the United States and China,and analyzes and evaluates the role of monetary policy in anti-cycle in different historical periods.It is pointed out that the effect of monetary policy is good or bad:one depends on the nature of money and the monetary and financial system,and the other is the objective economic condition on which it is based.The problems of resource utilization,industrial structure and income distribution under different objective economic conditions can be the factors that restrict the counter-cyclical effect of monetary policy.The analysis here provides practical experience for the future use of monetary policy by our government.Finally,the paper analyzes and evaluates the role of US and Chinese monetary policy in anti-economic cycle since 2008,finds out the subjective and objective reasons of poor monetary policy and the measures to improve the effect of monetary policy.Combined with the previous theory and practice analysis,put forward their own core view:the role of monetary policy in the economic cycle is neither as determined by Keynesianism as effective,nor neo-liberalism as determined by useless,but should recognize the currency Policy has a certain role in the economic cycle,and this role must be the actual economy itself,the industrial structure,income distribution,monetary and financial systems and other objective conditions as a condition.Therefore,in order to reduce the negative impact of the economic cycle on the economy,in addition to improving the monetary and financial systems and other monetary problems,we must based on Marx's economic cycle theory,to solve the economic structure of the economy and income distribution and other issues,and appropriate The use of Keynes's monetary policy as an auxiliary means of regulation in order to achieve the purpose of stable economic operation. |
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