利率走廊、利率稳定性和调控成本

发布时间：2019-02-25 08:01

【摘要】：20世纪80年代以来,发达国家和多数中等收入国家的货币政策操作框架都完成了从货币供给量为中介目标向以利率为中介目标的框架转型。在这个过程中及之后,许多国家采用了显性的或隐性的利率走廊。本文建立若干理论模型来描述利率走廊的运行机制。研究发现:(1)利率走廊操作可以较为有效地引导市场预期,降低市场利率波动;(2)利率走廊可以减少市场对流动性的"囤积性需求",从而降低央行公开市场操作成本;(3)最优利率走廊宽度的设定要综合考虑货币市场利率敏感度、调控成本、外部冲击的频率和幅度等因素。文章认为,我国在向新的货币政策框架的过程中也应建立利率走廊机制,以降低短期利率的波动率,提升未来政策利率的市场认可度和基准性,为利率的有效传导提供基础。
[Abstract]:Since the 1980s, the operational framework of monetary policy in developed countries and most middle-income countries has completed the transformation from the intermediate target of money supply to the frame with interest rate as the intermediate goal. During and after this process, many countries have adopted explicit or implicit interest rate corridors. In this paper, several theoretical models are established to describe the operation mechanism of interest corridor. The results are as follows: (1) the operation of interest rate corridor can effectively guide the market expectation and reduce the fluctuation of market interest rate; (2) the interest rate corridor can reduce the "hoarding demand" of the market for liquidity, thus reducing the operating cost of the central bank's open market; (3) the optimal interest rate corridor width should take into account the sensitivity of interest rate in money market, the control cost, the frequency and amplitude of external shock and so on. This paper holds that China should also establish the interest rate corridor mechanism in the process of moving to a new monetary policy framework in order to reduce the volatility of short-term interest rates, enhance the market acceptance and benchmark of future policy interest rates, and provide the basis for the effective transmission of interest rates.
【作者单位】：中国人民银行研究局/金融研究所;
【分类号】：F822.0

【参考文献】