지준부리의 경제적 효과와 통화정책적 함의
Economic Effects of the Interest-on-reservesand Its Monetary Policy Implications
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초록
최근의 글로벌 금융위기 극복을 위해 미국을 비롯한 주요 선진국의 시중 단기금리는 정책목표 금리수준을 크게 하회하는 사실상 제로수준까지 하락하였는데 이러한 저금리의 지속은 미래 인플레이션 유발과 자산가격버블 형성 등을 통해 또 다른 위기를 가져올 수도 있다. 이와 같은 통화정책 딜레마를 해결하기 위해서는 “금리”와 “지준(통화량)”을 분리하고 지준에 대해서는 이자율을 지급할 수 있는 통화정책 운용 메카니즘을 고려해볼 수 있는데 문제는 지준 이자의 재원조달방법의 차이에 따라 사회적 후생수준이 증가할 수도 악화될 수도 있다는 것이다. 따라서, 본 연구는 중복세대모형(overlapping generation model)을 이용해 지준부리제도의 사회적 후생효과를 분석하는 한편, 최근 논의되고 있는 지준부리의 통화정책적 함의를 살펴보는데 목적을 두고 있다.
Abstract
Short-term interest rates in many markets have been fallen to virtually zero levels much lower than the level of policy interest rates to overcome the recent global financial crisis. However, keeping policy interest rate low may lead to another crisis through the distortion of the price function, future inflation, and asset price bubbles. To resolve this monetary policy dilemmas, we need to review the mechanism that “interest” and “reserve” are separated in the actual operation of monetary policy. For this mechanism, the central bank pays the market rate on the reserve that banks deposit at the central bank and can set this interest rate on the reserve as the target(policy) rate. This study analyzes the economic welfare effects of the interest on reserves using the overlapping generation model and specifically explores its monetary policy implications which is being discussed actively during the recent global financial crisis.
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