利率市场化与中国货币政策调控方式转变

发布时间：2018-07-10 02:20

本文选题：利率市场化 + 货币政策　；参考：《世界经济研究》2017年02期

【摘要】：文章探讨了我国利率市场化改革推进过程对于货币政策调控方式由数量型向价格型转变的影响。基于一般均衡模型的理论分析发现,利率市场化水平越高,货币需求的波动性越大,利率传导渠道的障碍越少,从而货币当局选择价格型调控方式的条件也就越成熟。采用季度宏观经济数据,构建四变量SVAR模型,通过脉冲响应分析和方差分解考察在利率市场化改革不断推进的过程中,数量型和价格型货币政策调控方式对于实现货币政策最终目标的相对作用。实证结果表明:数量型调控方式在我国货币政策调控体系中仍然处于主导地位;价格型调控相对数量型调控具有时滞短与力度温和等优点;随着我国利率市场化水平不断提高,价格型调控方式的优势将表现得更加突出。
[Abstract]:This paper discusses the influence of the process of market-oriented interest rate reform on the transformation of monetary policy from quantitative to price-oriented. The theoretical analysis based on the general equilibrium model shows that the higher the level of interest rate marketization, the greater the volatility of monetary demand, the less obstacles to the transmission of interest rate, and the more mature the conditions for monetary authorities to choose price-type regulation mode. Using the quarterly macroeconomic data, a four-variable SVAR model is constructed, and the impulse response analysis and variance decomposition are used to investigate the process of the interest rate marketization reform. Quantitative and price-based monetary policy regulation mode to achieve the final goal of monetary policy relative role. The empirical results show that: the quantitative control mode is still in the dominant position in the monetary policy control system of our country; the price type regulation has the advantages of short delay and mild intensity; along with the interest rate marketization level of our country continues to improve. The advantage of price-based control will be more prominent.
【作者单位】：西安交通大学金禾经济研究中心;中国人民银行;
【基金】：国家自然科学基金面上项目(项目编号:71573206)的资助
【分类号】：F822.0

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