关键词: 宏观经济不确定性, 价格型货币政策, 数量型货币政策, 小微企业信贷

Abstract: This study focuses on whether different kinds of monetary policy tools can promote bank credit to small and micro enterprises under macroeconomic uncertainty. First, this paper adds monetary policy into a bank assets portfolio model with macroeconomic uncertainty, demonstrating the theoretical relationship among macroeconomic uncertainty, monetary policy and bank asset allocation. Then, based on the panel data of domestic commercial banks from 2004 to 2018, this paper empirically tests the effect of bank credit result when using different kinds of monetary policy tools under economic uncertainty. The conclusions show that macroeconomic uncertainty can inhibit bank credit, especially for banks with large share of small and micro enterprise loans; compared with quantitative monetary policy, price monetary policy can more significantly reduce the negative impact of uncertainty on small and micro credit of banks, and interbank interest rate has the strongest effect. The conclusions are of great political significance as they can help solve the problems of choosing suitable monetary policy to promote bank credit to small and micro enterprises, to ease the problem of economic uncertainty and help the development of small and micro enterprises.

Key words: macroeconomic uncertainty, price monetary policy, quantitive monetary policy, small and micro enterprises credit