流动性过剩、利率期限结构与最优利率规则

发布时间：2018-05-17 16:45

本文选题：流动性过剩 + 利率期限结构　；参考：《财经问题研究》2010年05期

【摘要】：本文引入利率期限结构分析了流动性过剩对货币政策传导机制的弱化效应,在此基础上,在基准LRE模型框架内又引入流动性过剩因子,定量给出了流动性过剩约束下的稳健最优利率规则和流动性过剩均衡确定性条件。本文认为,当经济体存在流动性过剩时,最优利率规则体系应当至少包含最优利率规则和流动性管理策略两个方面,相应地,货币政策操作目标也应广义化,包括短期名义利率目标和流动性过剩目标。为实现货币政策目标和流动性过剩目标,中央银行必须采用流动性管理策略保持当期流动性过剩与预期流动性过剩存在相互权衡的关系,同时降低短期名义利率对产出缺口和通胀率的反应系数,并根据预期流动性过剩与当期流动性过剩的比重调整对利率规则与流动性管理策略的依赖程度。
[Abstract]:In this paper, the term structure of interest rate is introduced to analyze the weakening effect of excess liquidity on the transmission mechanism of monetary policy. On this basis, the excess liquidity factor is introduced within the framework of benchmark LRE model. The robust optimal interest rate rule and the deterministic condition of liquidity excess equilibrium are given quantitatively under the constraint of excess liquidity. This paper holds that when there is excess liquidity in an economy, the optimal interest rate rule system should include at least two aspects: the optimal interest rate rule and the liquidity management strategy. Accordingly, the operational objectives of monetary policy should also be generalized. Including short-term nominal interest rate target and excess liquidity target. In order to achieve the target of monetary policy and excess liquidity, the central bank must adopt liquidity management strategy to maintain the trade-off between current liquidity excess and expected liquidity surplus. At the same time, it reduces the response coefficient of short-term nominal interest rate to output gap and inflation rate, and adjusts its dependence on interest rate rules and liquidity management strategy according to the proportion of expected liquidity excess and current liquidity surplus.
【作者单位】：东北财经大学金融学院;
【基金】：国家自然科学基金项目(70873016) 教育部人文社会科学规划项目(08JA790013) 辽宁省教育厅高校创新团队项目(2008T036)
【分类号】：F820;F224

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