货币政策决策在宏观经济主流理论中是一个常被忽视的问题。本文发现,决策存在量价演变规律,背后隐含流动性分析路径,这一路径说明“价”与“量”统一归结为流动性调整。向流动性分析路径回归是重新思考货币与经济关系的逻辑起点,也意味着有可能在一个统一的框架下反思货币经济关系。基于上述发现,本文创新性地构建了广义货币政策决策的融合式新框架,包括目标、分析与工具三个层面,以此为理论依据研究了操作层面的决策逻辑。对于作为主线的流动性分析,创新性地提出以“能力、风险、趋势”作为要素的“ART框架”。

Monetary policy decision-making is an ignored issue in macro economic mainstream theory. This paper carries on a theoretical and empirical research innovatively focusing on the basic issues. The main findings are: monetary policy decision-making demonstrated the evolution of the“quantity, price, quantity, price, and quantity”. A liquidity analysis path is embedded in this evolution, and this path shows that the“price”and“quantity”are essentially uniform due to the liquidity adjustment. Regression to the path of liquidity analysis is a logical start to rethink the relationship between money and economy, which means that it is necessary and possible to rethink the relation between money and economy in a unified framework. Based on the above findings, the paper innovatively constructed a“converged”new framework for generalized monetary policy decision-making, including three levels of goals, analysis and tools. Based on the above theory, this paper studied the decision-making logic at operational level, formed the analyzing chain. As for the core content,namely the liquidity analysis, this paper proposed an“ART”framework.