盯住汇率制度下货币政策效率损失研究  

Study of the Loss of Efficiency of Monetary Policy under Pegged Exchange Rate System

作　　者：金娟[1] 黄顺绪[2] 李勇[3] 

机构地区：[1]西安交通大学经济与金融学院,陕西西安710061 [2]西北大学经济与管理学院,陕西西安710127 [3]国家开发银行陕西省分行,陕西西安710075

出　　处：《大连理工大学学报（社会科学版）》2011年第2期38-43,共6页Journal of Dalian University of Technology(Social Sciences)

摘　　要："三元悖论"揭示了我国一直以来的盯住汇率制度对货币政策效率的影响,随着经济总量的增加和对外开放的加深,这一影响越来越明显。文章认为,在资本存在流动的情况下,一国汇率政策和货币政策的搭配最优点处于"三元悖论"的中间地带。进一步通过实证检验得知,我国货币政策、汇率制度冲突的协调应当寻求"三元悖论"的中间位置,从而降低盯住汇率制度导致的货币政策效率损失。Trilemma reveals the impact on the efficiency of monetary policy from pegged exchange rate in our country.And the impact becomes more and more obvious with the increase of total economy and the deepening of opening up.The paper argues that,in the case of capital flowing,the best position of policy mix is in the middle region in the Trilemma,and has proved through empirical testing that we should seek the middle position in the Trilemma to coordinate the conflict between the monetary policy and the exchange rate system,to reduce the loss of efficiency of monetary policy due to pegged exchange rate.

关 键 词：盯住汇率 三元悖论 货币政策 效率损失 

分 类 号：C55[社会学]