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对于每个市场主体而言,货币政策传导所带来的影响显然不是均匀分布的,不同政策工具也会有不同的结构化影响。作为公共政策,货币政策具有一定的收入分配效应,且在某些情况下,其收入分配效应会很大。中国处于收入差距快速上升时期,一个重要背景是货币信贷增速较快,货币政策的影响值得深入考量。特别是由于一些体制性因素,中国货币政策的差异化影响可能远大于成熟经济体,从而对收入分配产生更显著影响。
For each market participant, the impact of monetary policy transmission is obviously not evenly distributed, and different policy instruments also have different structural influences. As a public policy, monetary policy has a certain income distribution effect, and in some cases, its income distribution effect will be great. China is in a period of rapid increase in income disparity. An important background is the rapid growth of money and credit. The impact of monetary policy deserves further consideration. Especially due to some institutional factors, the impact of the differentiation of China’s monetary policy may be far greater than that of mature economies, which will have a more significant impact on income distribution.