双目标货币工具规则的最优设定与选择

发布时间：2018-01-18 01:33

本文关键词：双目标货币工具规则的最优设定与选择　出处：《中南财经政法大学学报》2010年05期 　论文类型：期刊论文

【摘要】：基础货币、短期利率作为我国货币政策操作的两种工具与实际GDP增长率、通货膨胀率之间存在显著相关性,中央银行可以根据这两种货币工具来分别设定满足双重目标要求的货币政策规则。在规则约束下,利率对通货膨胀偏差的反应程度要高于经济增长偏差,而基础货币对经济增长偏差则表现出更高的敏感性;基础货币规则能够实现逆经济风向调节,而利率规则却表现出顺周期调节特征。在实现经济增长与物价稳定的目标时,可在规则中将两个目标值设定为点或区间,由于点目标在操作中缺乏灵活性,所以,适宜将目标设定成一个区间。在货币工具规则的选择上,基础货币规则要比利率规则更适合作为我国货币政策操作的规范。
[Abstract]:There is a significant correlation between the basic currency, short-term interest rate and the actual GDP growth rate and inflation rate as two tools of monetary policy operation in China. According to these two kinds of monetary instruments, the central bank can set the monetary policy rules that meet the requirement of double targets. Under the rules, the interest rate can react to the deviation of inflation more than the deviation of economic growth. The base currency is more sensitive to the deviation of economic growth. The basic monetary rule can realize the adjustment of the contrary economic wind direction, while the interest rate rule shows the characteristic of pro-cyclical adjustment, which can achieve the goal of economic growth and price stability. Two target values can be set as points or intervals in the rules. Because the point targets are inflexible in operation, it is appropriate to set the target into an interval. The basic monetary rule is more suitable for the operation of monetary policy than the interest rate rule.
【作者单位】：西安交通大学经济与金融学院;
【分类号】：F820
【正文快照】： 一、引言长久以来,货币政策操作应遵循何种规范,货币政策最终应追求单一还是多元目标,始终是货币金融领域争论不休的两大问题。对于第一个问题,中央银行采用相机抉择或按规则行事是货币政策操作的两种基本规范。从19世纪中叶至20世纪80年代,围绕规则与相机抉择曾出现过多次争

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