中文摘要：

伴随互联网、通信技术及金融创新的发展,各种新形态的货币不断涌现,它们具备和行使传统法币的全部或部分功能,对货币政策传导及其效应产生了较大影响。如何适应经济发展新常态保持货币政策的有效性是亟待解决的重大理论和现实问题。笔者基于影子货币范畴对相关货币形态进行了界定,认为影子货币是国内或国际记账单位,具备和行使传统法币的全部或部分功能、对传统法币有替代作用但尚未纳入货币统计口径和监测范围内的货币。通过DSGE模型研究影子货币影响货币政策有效性的机制,分析了商业银行和广义政府的决策行为,认为影子货币主要通过货币政策参与主体、中介指标和传导机制对货币政策产生影响,在一定程度降低了货币政策的有效性。中国人民银行应当加大对影子货币的监管,有针对性地采取策略进行适应性调整,确保货币政策传导的通畅和精准。

英文摘要：

With the development of Internet, communication technology and financial innovation, new types of currency are created, They own all or part of the functions of traditional legal currency and have a big influence on monetary policy operation. How to adapt to the new normal economic development and to maintain monetary policy effectiveness？ It is a major theoretical and practical problem to be solved. This paper tries to define currency category features based on ghost money. We define that ghost money is domestic or international unit of account with traditional legal currency＇s functions, cy can be observed, but it is not yet included in monetary mechanism of ghost money＇s influence on monetary policy and its substitution effect traditional legal curren- statistics and monitor. This paper also studies the through DSGE model, analyzes the decision-making behavior of commercial banks and the general government. We believe that ghost money reduces monetary policy＇s effectiveness in a certain degree through monetary policy participants intermediate target and the conduction mechanism of monetary policy. The People＇s Bank of China should strengthen the supervision of the ghost money and take some measures to ensure the smoothness and exactness of monetary policy.