我国数量型和价格型货币政策工具的效应研究

发布时间：2018-05-04 08:55

本文选题：数量型货币政策工具 + 价格型货币政策工具　；参考：《山西财经大学》2014年硕士论文

【摘要】：各国经济的健康发展与货币政策的制定紧密联系，而其中货币政策工具选取是否恰当影响着货币政策效果的实施，货币政策工具的效应问题，引起了学术界的广泛讨论。在此背景下，结合经济运行现状，对不同货币政策工具进行分析，对于我国根据宏观经济制定货币政策、推进市场化进程、金融改革等方面具有重要的意义。本文首先对货币政策从理论层面进行阐述。分析了货币政策的相关理论，重点分析了数量型货币政策工具和价格型货币政策工具的政策效果和制约因素；其次介绍了各货币政策工具在我国的具体运用，并进行了简要的分析；随后考虑到研究数据的有效性以及可得性，兼顾我国实际情况下货币政策的可操作性，本文以法定存款准备金率和一年期贷款基准利率作为数量型和价格型货币政策工具的代表，采用1998年到2013年的季度相关数据，构建VAR模型并通过脉冲响应函数和方差分解技术对我国价格型货币政策工具和数量型货币政策工具的效果进行了验证分析。实证结果表明，这两种代表工具对货币供应量、产出以及物价都会产生一定影响，对于产出和物价，利率工具的贡献度高于存款准备金率。利率比存款准备金率指标有更大的滞后期。最后，本文针对实证研究的结果，并结合目前我国宏观环境和经济现状，由此提出了增强数量型货币政策工具和价格型货币政策工具有效性的政策建议，优化货币工具，并注重数量型工具和价格型工具的搭配，灵活运用，调控经济。就在不久前，央行货币政策司司长张晓慧表示，中国货币政策将更有条件逐步增强以利率为核心的价格型工具的作用，，从偏重数量型控制向更多运用价格型调控转换，本文从理论和实证分析了这两类货币政策工具，对现实经济问题的认识是一个适时地探索，具有重要的理论和现实意义。
[Abstract]:The healthy development of each country's economy is closely related to the formulation of monetary policy, and whether the choice of monetary policy tools can properly affect the implementation of monetary policy effect and the effect of monetary policy tools have aroused extensive discussion in academic circles. Under this background, it is of great significance for China to formulate monetary policy according to the macro-economy, to promote the marketization process, and to reform the finance by analyzing the different monetary policy tools combined with the current economic operation. At first, this paper expounds the monetary policy from the theoretical level. This paper analyzes the relevant theories of monetary policy, focuses on the policy effect and restrictive factors of quantitative monetary policy instrument and price monetary policy instrument, and then introduces the concrete application of each monetary policy tool in China. Then, considering the validity and availability of the research data, and considering the maneuverability of monetary policy in the actual situation of our country, This paper takes the statutory reserve ratio and the one-year benchmark interest rate as the representative of quantitative and price-oriented monetary policy instruments, using the relevant data from 1998 to 2013. The VAR model is constructed and the effects of price and quantitative monetary policy instruments are verified and analyzed by impulse response function and variance decomposition. The empirical results show that these two representative instruments have a certain impact on money supply, output and prices, and the contribution of interest rate instruments to output and prices is higher than the reserve ratio. Interest rates have a larger lag than the reserve ratio index. Finally, according to the results of empirical research, combined with the current macroeconomic environment and economic situation in China, this paper puts forward policy recommendations to enhance the effectiveness of quantitative monetary policy tools and price monetary policy instruments, and optimize monetary instruments. And pay attention to quantitative tools and price-based tools, flexible use, control of the economy. Not long ago, Zhang Xiaohui, director of the Monetary Policy Department of the Central Bank, said that China's monetary policy will be better placed to gradually enhance the role of price-based instruments with interest rates as the core, from focusing on quantitative control to making more use of price-based regulation and control. This paper analyzes these two kinds of monetary policy tools theoretically and empirically. The understanding of the real economic problems is a timely exploration, which has important theoretical and practical significance.
【学位授予单位】：山西财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F822.0

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