Abstract: Themonetaryauthoritieshavebeenforcedtocontinuouslytrynewunconventionalpolicy
toolstostimulateeconomyandcopewithstagnation-deflationdilemmasincetheGreatRecession
causedbyglobalfinancialcrisisin2008.Bytheadoptionofnegativeinterestratepolicy(NIRP)inEuropeancountriesandJapansince2012,
thetraditionaldoctrineofzerolowerboundofnominalinterest
ratesandmainstreameconomictheoriesaregreatlychallenged.Basedonthenatureofmonetized-productioneconomy,
Post-Keynesiansrejectthenotionofnaturalinterestrateandloanablefundstheory,
insistontheendogenouscreationofmoney,andcriticizetheexplanationsofNIRPby mainstream
scholars.TheybelievethatNIRPwillcauseassetpriceinflation,increasefinancialfragility,worsen
incomedistribution,triggercurrencywars,andproducewhiplasheffects.Intheirviews,monetary
policyalonecannotsolvetheproblemofinadequateaggregatedemand,andfiscalpolicyshouldplaya
keyrole.

Key words: zero-lowerboundeconomy, negativeinterestratepolicy, post-Keynesian

摘要： 2008年国际金融危机以来的大衰退迫使货币当局不断尝试新的非常规政策工具以刺激经济,走出停滞-紧缩的困境。2012年起相继在欧洲和日本出现的负利率政策打破了名义利率零下限的传统认识,对主流经济理论提出了巨大的挑战。后凯恩斯主义从货币化生产的经济本质出发,拒斥自然利息率和可贷资金理论,坚持货币创造和货币内生,批判了主流经济理论对负利率政策的理解,并据此认为负利率政策将导致资产价格膨胀,累积金融脆弱性,恶化收入分配状况,引发货币战和鞭梢效应。在后凯恩斯主义看来,货币政策无法解决总需求不足问题,必须充分重视财政政策的关键作用。

关键词: 零下限经济, 负利率政策, 后凯恩斯主义