【摘要】 我国养老金体制的制度变迁,增加了居民预防性储蓄。利率下降,消费和投资并未增加,利率下降的货币政策传导机制弱化,利率机制存在着非对称性。为此,应从扩大社会养老保险覆盖率、政府明确承担转轨成本以增强养老金体制的可信度和增加个人账户投资收益率入手,减少预防性储蓄,进而疏通利率传导机制。更多还原

【Abstract】 The institutional change of China’s pension system has increased household precautionary savings. Interest rate decreasing doesn’t increase consumption and investment. Thus cause the interest rate transmission mechanism to be invalid and asymmetric. We should improve pension system to decrease precautionary savings, which include more coverage, explicit government responsibility for the change cost, and enhancing the interest rate of personal account.更多还原