货币政策中介目标选择的建模分析  

Modeling and Analysis of of Intermediate Target Choice of Monetary Policy

作　　者：王秀芹[1] 

机构地区：[1]天津大学管理学院,天津300072

出　　处：《天津大学学报（社会科学版）》2008年第1期56-59,共4页Journal of Tianjin University：Social Sciences

摘　　要：通过建立包括总供给、总需求、货币需求和货币供应方程在内的宏观经济模型,分析了中国在物价稳定目标下面临不同冲击时的货币政策中介目标选择问题。尽管在货币需求冲击下,利率中介目标优于货币供应量中介目标,但由于利率目标的局限性,中国将来不宜采取单纯以利率为中介目标的货币政策框架,而宜采取以利率为操作目标,以通货膨胀目标为"名义锚"的货币政策框架。This paper analyses the choice of intermediate target under price stabihty goal by a macro-economic model including aggregate supply equation, aggregate demand equation, money demand equation and money supply equation. Although interest rate target is better than the monetary target faced with the impact of money demand, interest rate target is not a proper choice for China because of its limitation. While inflation target, as a nominal anchor, is what we may pursue in the future, under which interest rate plays the role of an operating target.

关 键 词：中介目标 利率中介目标 货币供应量中介目标 通货膨胀目标 

分 类 号：F821[经济管理—财政学]