뗚22뻭ꆡ뗚4웚ꆡꆡꆡꆡꆡꆡꆡJournalofYunnanFinance&EconomicsUniversityꆡꆡꆡꆡꆡꆡꆡꆡVol122,No14뾭뛷쮹틔살믵뇒헾닟폫뺭볃훜웚쿠맘싛퇐뺿쫶움쇵췺쾼(훐쓏닆뺭헾램듳톧ꆡ뺭볃톧풺,뫾놱ꆡ커몺ꆡ430060)맘볼듊:믵뇒헾닟;뺭볃훜웚;맘쾵;탂릲쪶;풤웚햪ꆡ튪:ퟷ캪뫪맛뗷뿘훘튪쫖뛎뗄믵뇒헾닟폫뺭볃훜웚믲닺돶떽뗗폐쎻폐맘쾵틔벰웤맘쾵죧뫎,컷랽샭싛뷧튻횱뚼듦퓚헹싛ꆣ뛔뾭뛷쮹틔살뗄믵뇒헾닟폫뺭볃훜웚횮볤듦퓚쿠맘탔뗄샭싛벴믵뇒닺돶쿠맘싛뷸탐ퟛ쫶:뾭뛷쮹뗈죏캪뺭볃쫇늻컈뚨뗄,뇘탫닉좡랴훜웚뗄믵뇒헾닟믲닆헾헾닟,틔뇣컈뚨뺭볃;탂뾭뛷쮹훷틥춨맽햳탔릤뫍볛룱뗈샭싛뗃돶믵뇒헾닟쓜컈뚨ퟜ닺돶뫍뻍튵뗄뷡싛;탂탂맅뗤ퟛ뫏톧엉죏캪믵뇒헾닟뛔닺돶뫍뻍튵뗈헦쪵뺭볃뇤솿뻟폐잿듳뛸돖탸뗄펰쿬솦;탂릲쪶뫪맛뺭볃톧뗈쇷엉튲뿏뚨믵뇒헾닟뛔닺돶뗄펰쿬ꆣ뷸뛸퓚듋믹뒡짏뗃돶펦훘쫓풤웚,힢훘믵뇒헾닟폫웤쯼헾닟뗄킭뗷엤뫏뗈웴쪾폫뷡싛ꆣ훐춼럖샠뫅:F0ꆡꆡꆡꆡꆡꆡ컄쿗뇪쪶싫:Aꆡꆡꆡꆡꆡ컄헂뇠뫅:1672-4755(2007)04-0064-02ꆡꆡ튻ꆢ뾭뛷쮹틔살쿠맘쇷엉뗄믵뇒헾닟폫뺭볃훜웚죸뛻즭뗈죋퓚ꆰ릤ꆪ볛룱믺훆ꆱ뿲볜쿂뛔믵뇒쫇럱쿠맘샭싛훐탔컊쳢ퟶ돶쇋믘듰,죏캪믵뇒듦솿뗄뇤뚯믡틽웰헦뾭뛷쮹틔살훷튪폐틔쿂쇷엉뛔믵뇒헾닟폫뺭볃훜쪵믵뇒폠뛮벴닺돶뗄돖탸춬쿲뇤뚯,틲듋죏캪믵뇒헾웚횮볤듦퓚쿠맘탔뗄샭싛벴믵뇒닺돶쿠맘싛뷸탐맽퇐닟폐킧ꆣ뺿폫싛쫶ꆣ뗚뛾,탂뾭뛷쮹훷틥ꆣ70쓪듺훍헍횮뫳,쏦뛔믵뇒뗚튻,뾭뛷쮹훷틥폫탂맅뗤ퟛ뫏톧엉ꆣ뾭뛷쮹훷훷틥틔벰탂맅뗤뫪맛뺭볃톧뗈톧엉뗄쳴햽,틔냂샻캬틥닺짺폚1929-1933쓪뗄쫀뷧뺭볃듳캣믺뗄놳뺰횮뛻ꆤ늼삼닩뗂ꆢ풼즪럲ꆤ쮹뗙룱샻듄ꆢ십뿋ꆤ룱쳘샕뗈캪쿂ꆣ뾭뛷쮹퓚컼쫕캺뿋주뛻ꆢ쇖듯뛻ꆢ믴쳘샯뗈맘폚믵듺뇭뗄탂뾭뛷쮹훷틥헟쫔춼캬뮤뾭뛷쮹훷틥맘폚믵뇒뇒펰쿬닺돶뗄퇐뺿돉맻뗄믹뒡짏,뷏뫃뗘닻쏷쇋믵뇒헾닟폐킧탔뗄맛뗣,쯻쏇퓚볌돐풭뾭뛷쮹훷틥믹놾샭폫뺭볃뗄맘쾵ꆣ룹뻝뾭뛷쮹뗄맛뗣,뺭볃늨뚯뗄훷튪싛믹뒡짏,듓늻췪좫탅쾢ꆢ럇쫐뎡돶쟥ꆢ햳탔릤뫍햳풭틲퓚폚놾뇟볊킧싊뗄톭뮷탔뇤뚯ꆣ죏캪뻍튵솿뻶탔볛룱뗈샭싛돶랢,쮵쏷쇋믵뇒헾닟폫뺭볃뇤솿횮볤뚨폚ퟜ탨쟳,뛸ퟜ탨쟳폖뻶뚨폚쿻럑쟣쿲뫍튻뚨쪱웚뗄맘쾵,죏캪믵뇒뇤뚯믡펰쿬떽헦쪵뗄뺭볃퓶뎤,믵뇒뗄춶솿,폐킧탨쟳늻ퟣ떼훂쇋뺭볃뗄늨뚯뫍럇뻹뫢ꆣ헾닟쓜컈뚨ퟜ닺돶뫍뻍튵;쮽죋늿쏅뛔캴살믵뇒헾닟뛸쟒,뺭볃ퟜ쫇늻컈뚨뗄,늻쓜ퟔ뚯쟷폚뻹뫢,뛸쿠믺뗄풤웚탐캪훁맘훘튪,틲뛸튪훘쫓믵뇒헾닟뗄뿉뾿탔ꆣ뻱퓱뗄닆헾헾닟뫍믵뇒헾닟쓜릻폐킧뗘쪹뺭볃퓚돤럖쯻쏇뛔믵뇒헾닟뗄뿘훆컊쳢뷸탐쇋퇐뺿,죏캪믵뇒헾뻍튵뗄쮮욽짏놣돖컈뚨,틲뛸뇘탫닉좡랴훜웚뗄믵뇒닟펦훰늽쿲춨믵엲헍쒿뇪뗷헻,벴춨맽뗷헻쏻틥뛌웚헾닟믲닆헾헾닟틔뇣컈뚨뺭볃ꆣ뾭뛷쮹벰웤ힷ쯦헟죏샻싊뷸뛸룄뇤쪵볊샻싊틔쫊펦뺭볃뗄뇤뮯,듓뛸쏖늹캪,평폚믵뇒릤룕탔뗄듦퓚,믵뇒듦솿뗄뇤뚯뇘붫떼풤웚춨믵엲헍뗄뇤뮯ꆣ뿋삭샯듯ꆢ볓샻뫍룱쳘샕횸돶,훂짺닺벰ퟜ탨쟳뗈뗄돖탸춬랽쿲뇤뚯,벴믵뇒쫇럇훐ퟮ폅믵뇒헾닟쫇쪵탐춨믵엲헍뚨뇪뗄믵뇒헾닟ꆣ럑뛻탔뗄,믵뇒헾닟틲듋놻죏캪폐킧ꆣ뾭뛷쮹훷틥뗄샭싛웕쮹폫첩샕랢쿖,벴쪹퓚샭탔풤웚쳵볾쿂,뫪맛뺭볃헾뫍훷헅뫜뿬캪톧쫵뷧뫍헾닟훆뚨헟쯹뷓쫜,뾭뛷쮹훷닟튲쫇폐킧뗄ꆣ틥틲뛸퓚20쫀볍50쓪듺뫍60쓪듺돉캪춨탐뗄맛뗣ꆣ뗚죽,탂탂맅뗤ퟛ뫏톧엉ꆣ20쫀볍80쓪듺뫳,탂쯻쏇잿뗷탨튪믽벫뗄룉풤헾닟,늢볡돖떱뻖쓜릻뛸쟒뾭뛷쮹훷틥폫탂맅뗤뫪맛뺭볃톧뗄헹싛떼훂쇋뫪맛뺭튲펦룃쪹폃쿠믺뻱퓱뗄ퟜ탨쟳맜샭헾닟,틔쪹뺭볃컈볃톧쇬폲돶쿖쇋탂뗄죚뫏뮯쟷쫆,놻돆캪탂탂맅뗤ퟛ뚨퓋탐ꆣ20쫀볍50쓪듺,틔몺즭캪듺뇭뗄샭싛쳡돶뫏톧엉,쯼돐쾮쇋ퟛ뫏톧엉뫍탂맅뗤뺭볃돉럖,늢붫잿ꆰ랴뺭볃훜웚ꆱ훷헅,붨틩쪵탐늹뎥탔닆헾믵뇒헾닟,닉믵뇒훐탔볓떽쪵볊짌튵훜웚샭싛,틔볛룱햳탔캪믹뒡좡쿠믺뻱퓱뗄닙ퟷ랽쪽,복짙뺭볃뗄훜웚늨뚯ꆣ20쫀쳡돶헾닟붨틩,죏캪믵뇒헾닟뛔쪵쳥뺭볃믡닺짺뷏듳볍60쓪듺,훷헅쪵탐퓶뎤탔믵뇒헾닟,벴늻뷶퓚쿴쳵뗄펰쿬ꆣ퓚탂탂맅뗤ퟛ뫏쒣탍훐,믵뇒헾닟뻟폐럇훐쪱웚쪵탐삩헅탔믵뇒헾닟,벴쪹퓚뺭볃믘짽쪱웚,횻튪탔,믵뇒헾닟뛔닺돶뫍뻍튵뗈헦쪵뺭볃뇤솿뻟폐잿듳쪵볊닺솿뗍폚돤럖뻍튵쪱뗄잱퓚닺솿,튲튪쪵탐믵뇒뛸돖탸뗄펰쿬솦,믵뇒떱뻖뿉틔샻폃믵뇒헾닟살볓쯙헾닟,쪹쪵볊닺솿듯떽잱퓚쮮욽,듙뷸뺭볃뿬쯙퓶뎤ꆣ뺭볃뗄뗷헻맽돌,믵뇒헾닟늻뷶쫇샭싛폐킧뗄뛸쟒쫇쫕룥죕웚:2007-02-29ퟷ헟볲뷩:쇵췺쾼(1976ꆪꆡ),뫾놱돧퇴죋,늩쪿퇐뺿짺,훺뷌,퇐뺿랽쿲캪뫪맛뺭볃샭싛폫헾닟ꆣ
쇵췺쾼:뾭뛷쮹틔살믵뇒헾닟폫뺭볃훜웚쿠맘싛퇐뺿쫶움ꆤ65ꆤ쪵쪩폐킧뗄ꆣ룃톧엉훷튪냼삨솽훖맛뗣:튻쫇듓샭싛좫탔뗈쪹웤뎣뎣뒦폚쪧쇩ힴ첬,탨튪헾뢮헾닟뗄쫊떱짏붲,뺭볃늨뚯늻쓜샫뾪믵뇒헾닟살뷢쫍믲샭뷢ꆣ뛾룉풤폫뗷뷚ꆣ쫇듓맦랶맛뗣뾴,ퟜ탨쟳뇘탫춨맽믵뇒헾닟맜샭,틔닺뗚뛾,튪훘쫓풤웚뗄ퟷ폃,뷷짷뗘퓋폃믵뇒헾닟,짺폐킧뗄뺭볃뷡맻ꆣ잿뗷믵뇒헾닟튪틔뷓뷼0뗄춨믵냑컕웤퓋폃뗄뛈폫맦퓲ꆣ뾭뛷쮹뗈톧엉맘폚풤웚뗄럖엲헍캪쒿뇪,닉좡춨믵엲헍뚨뇪뗄믵뇒헾닟뿲볜ꆣ춬컶뛔컒쏇폐쿠떱뗄웴랢ꆣ퓚훆뚨뫍횴탐믵뇒헾닟쪱늻쪱,튪쳡룟믵뇒헾닟뗄뿉뾿탔,닉좡볲떥ꆢ춸쏷뗄믵뇒뿉뫶쫓웳튵ꆢ뻓쏱뗈풤웚뛔헾닟뷡맻뗄펰쿬ꆣ퓚죕쟷헾닟맦퓲ꆣAlfredBroaddus뫍MarvinGoodfriend횸돶:뢴퓓뗄쫐뎡뺭볃쳵볾쿂,캢맛훷쳥뗄풤웚벰웤탐캪뛔뷼뛾쪮쓪틔살쫀뷧짏뗍쟒쿠뛔컈뚨뗄춨믵엲헍틑뺭횤믵뇒헾닟뗄뗷뿘폐쪱짵훁웰ퟅ뻶뚨탔뗄ퟷ폃ꆣ퓚헾닟쏷쇋웤볛횵,탂탂맅뗤ퟛ뫏쒣탍캪볛룱컈뚨쳡릩쇋샭뗄뻟쳥닙ퟷ맽돌훐,펦힢틢냑컕쫊떱뗄뛈뫍맦퓲ꆣ볈싛믹뒡ꆣ첩샕죏캪,믵뇒헾닟맦퓲뛔횴탐춨믵엲헍쒿튪룹뻝뺭볃탎쫆뗄뇤뮯뷸탐쿠펦뗄캢뗷ꆢ풤뗷,폖튪짆뇪뫍움볛룃헾닟뚼쫇튻룶훘튪뗄릤뻟ꆣ죧맻훐퇫틸탐폚냑컕웤랶캧폫돌뛈,펦룃폫튻뚨뗄헾닟맦퓲킭뗷엤볌탸벯훐폚볛룱컈뚨늢놣돖춨믵엲헍컈뚨쟒뷏뗍,뿉뫏ꆣ풤웚쒿잰뫪맛뺭볃컈뚨뗄돌뛈붫믡돖탸ꆣClaudio뗚죽,퓚믵뇒헾닟쒿뇪랽쏦뗄웴쪾ꆣ컈뚨뇒횵쫇Michelacci죏캪,ퟮ폅뗄믵뇒헾닟맦퓲쫇틔춨믵엲헍캪듳뛠쫽톧엉튻횱뚼뇈뷏훘쫓뗄ퟮ훕쒿뇪,뛸춨믵엲헍쒿뇪,헢놻돆캪뫏틢뗄볛룱쮮욽컈뚨믲헟춨믵엲헍쒿쒿뇪훆퓲쫜떽쇋풽살풽뛠뗄맘힢,풽살풽뛠뗄맺볒튲뇪ꆣ닉폃쯼ퟷ캪믵뇒헾닟뗄ퟮ훕쒿뇪ꆣ헢뛔폚컒맺믵뇒헾뗚쯄ꆰ,탂릲쪶ꆱ뫪맛뺭볃톧ꆣ믹폚뾭뛷쮹뗄믹놾닟뗄뗷뿘뫍닙ퟷ튲뻟폐튻뚨뗄웴랢ꆣ탅쳵쟒볦쫕늢탮룷엉뗄맛뗣,탂뾭뛷쮹훷틥폚90쓪듺뗚쯄,믵뇒헾닟탨튪폫웤쯼헾닟킭뗷엤뫏ꆣ믵뇒폐쇋뷸튻늽뗄랢햹ꆣ탂뾭뛷쮹훷틥뺭볃톧듓늻췪좫뺺헾닟쫇튻훖ퟜ솿뗄볤뷓뗷뿘헾닟,퓚뷡릹ꆢ캢맛뗷뿘랽헹헢튻맘볼탔쳘헷돶랢,죏캪믵뇒헾닟쓜폐킧뗘쪵쿖쏦늻벰닆헾헾닟뫍닺튵헾닟뗈쯹뻟폐뗄폅쫆ꆣ뛸쟒믵뗍춨믵엲헍싊뗄쒿뇪,듓뛸폐틦폚뺭볃뗄붡뾵퓶뎤ꆣ뇒헾닟틲쪱훍ꆢ킧맻늻뛔돆탔뗈풭틲뗄펰쿬,탨튪닆헾뺭볃믮뚯뗄쮮욽캧죆ퟅ평ퟔ좻쪧튵싊뻶뚨뗄럇볓쯙춨헾닟뗈뗄킭뗷엤뫏,듓뛸랢믓웤ퟮ병킧맻ꆣ헢킩뛔컒믵엲헍뗄쪧튵싊늨뚯ꆣ듓뎤웚살뾴,춨믵엲헍뫍쪧튵맺믵뇒헾닟뗄횴탐폫퓋폃뻟폐훘튪뗄웴랢틢틥ꆣ횮볤늻듦퓚쿠뮥쳦듺뗄맘쾵,춨믵엲헍횻쫇튻훖믵뇒닎뾼컄쿗:쿖쿳,춨믵엲헍뗄럹뛈뫍샻싊폐맘ꆣ뛸쟒,릩룸뻶뚨탨\[1\]JohnMyanardKeynes,TheGeneralTheoryofEmploy2쟳ment,InterestandMoney\[M\].London:,폐킧탨쟳늻믡뛔뎤웚뺭볃믮뚯웰뻶뚨탔ퟷ폃,뛸뗷뷚릩룸좴쓜릻뛔뺭볃믮뚯웰뻶뚨탔ퟷ폃ꆣ쪵볊짏,탂ited,1936.뾭뛷쮹훷틥뺭볃톧룼뛠뗄잿뗷쇋믵뇒헾닟뗄ퟷ폃뛸떭\[2\]Clarida,R.,Gali,J.,Gertler,M.,TheScienceofMon2e뮯쇋닆헾헾닟뗄ퟷ폃ꆣ헢훖믵뇒헾닟ퟷ폃쳡짽뛸닆헾taryPolicy:ANewKeynesianPerspective\[J\].NBERWorkignPa2헾닟ퟷ폃쿂붵뗄뺭볃헾닟훷헅놻돆캪뫪맛뺭볃헾닟뗄pers7147,NationalBureauofEconomicResearch,:1661-1707.ꆰ탂릲쪶ꆱ믲ꆰ탂릲쪶ꆱ뫪맛뺭볃톧ꆣꆰ탂릲쪶ꆱ뫪맛뺭볃\[3\]Phepls,EdmundS.,,StabilizingPowersof톧뗄훷튪듺뇭죋컯PhilipArestis뫍MalcolmSawyer뗈MonetaryPolicyunderRationalExpectations\[J\].JournalofPolitical릹붨쇋튻룶ꆰ탂릲쪶ꆱ뫪맛뺭볃쒣탍,죏캪믵뇒듦솿쫇Economy85:,1977:163-190.쓚짺뗄\[4\]Goodfriend,M.&Kign,RobertG.,TheNewNeoclassi2,퓚쒣탍훐늻웰ퟷ폃ꆣPeterKrieslerandMarcLavoie죏캪,탂릲쪶뷓쫜쿲짏쟣킱뗄뛌웚럆샻웕쮹쟺calSynthesisandtheRoleofMonetaryPolicy\[J\].WorkignPaper98쿟-05,FederalReserveBankofRichmond,1998:231-283.,떫쫇죏캪쯼퓚ퟔ좻싊쮮욽짏쫇뒹횱뗄ꆣퟜ횮ꆰ,탂릲쪶ꆱ뫪맛뺭볃톧죏캪\[5\]Goodfriend,M.,MonetayrPolicyintheNewNeoclassical,춨믵엲헍쒿뇪쫇믵뇒헾닟뗄훷튪쒿뇪Synthesis:APrimer\[J\].EconomicQuarteryl,FederalReserve,쯼쫇ꆰ탂릲쪶ꆱ뫪맛뺭볃톧훐튻훖훘튪뗄샭싛BankofRichard,90,2004:21-42.뫍헾닟돉럖,뗍뛸컈뚨뗄춨믵엲헍뛔뺭볃퓶뎤쫇훘튪\[6\]Tyalor,JohnB.,LessonsLearnedfromtheImplementa2뗄;믵뇒헾닟쫇훘튪뗄,쯼뿉틔폐킧뗘뿘훆춨믵엲헍뫍tionofInflationTargeting\[J\].DpeartmentofEconomicsandHoover쪵쿖뺭볃뻹뫢;믵뇒헾닟춨맽뗷헻샻싊펰쿬ퟜ탨쟳듓Institution,StanfordUniversity,:1-10.뛸ퟮ훕펰쿬춨믵엲헍싊;뎤웚훐춨믵엲헍싊쫇믵뇒헾\[7\]ClaudioMichelacci,AdvancedMacroeconomicsLecture5:닟쓜펰쿬뗄캨튻뗄뫪맛뺭볃뇤솿ꆣTheNewNeoclassicalSynthesis\[J\].CEMFIandUCL,2006:3.뛾ꆢ뷡싛폫웴쪾\[8\]ArestisP.,SawyerM,CanMonetaryPolicyAffecttheRe2뗚튻alEconomy?\[J\].,룷룶톧엉뗄쿠맘닻쫶벰웤뷡싛,폫웤볙짨잰쳡쏜쟐쿠맘ꆣ뾭뛷쮹틔살뗄쿠맘톧엉훷헅맺볒룉풤dale-on-Hudson,,.2002:1-19.싛,듓늻췪좫탅쾢ꆢ럇쫐뎡돶쟥ꆢ릤뫍볛룱햳탔뗈샭\[9\]KrieslerP.,MarcLavoie,TheNewViewonMonetayr싛뫍볙짨돶랢,뗃돶믵뇒닺돶쿠맘싛뗄뷡싛,훷헅맺볒Policy:TheNewConsensusandItsPost-KeynesianCritique\[J\].뫍헾뢮뛔뺭볃뷸탐헾닟룉풤ꆣ쿖쪵뺭볃짺믮훐,쫐뎡TheThirdAustralianSocietyofHeterodoxEconomistsConference,늢늻쫇췪좫뺺헹뫍췪좫탅쾢뗄,릤폫볛룱튲늻쫇췪UniversityofNewSouthWales,2005:1-10.좫떯탔뗄,쫐뎡늢럇ퟜ쫇뒦폚돶쟥ힴ첬ꆣ쫐뎡뗄늻췪퓰죎뇠벭:튻뫧
