关于我国利率微调“平滑化”的思考  

Postulation of the Smoothed Interest Rate Fine-tuning in Our Country

作　　者：刘义圣[1] 张晶[2] 

机构地区：[1]福建社会科学院亚太经济研究所,福建福州350001 [2]福州大学管理学院,福建福州350000

出　　处：《当代经济研究》2008年第9期58-63,共6页Contemporary Economic Research

基　　金：国家课题(05BJL004)的阶段性成果

摘　　要：利率凭借其在宏观经济和微观经济中举足轻重的地位,在西方国家宏观经济微调中成为了备受青睐的微调工具。在利率的微调过程中,如果在一定时间范围内,采用连续、同方向、微幅的"平滑"操作模式,将能更好地利用经济运行中市场机制的作用,其效果是使经济更加趋近于平稳发展的自然状态。利率平滑调控,既能满足利率微精细调整的要求,也强调保持利率政策的惯性以及采用公开市场业务进行市场化的间接调控。正是由于利率平滑调控具有市场性以及政策惯性等优良特性,我国在进行利率微调时应该采取平滑化的调控方式。Because of its importance in macro economy and micro economy, interest rate has become a most favored instrument for macroeconomic fine-tuning in Western countries. In the process of interest rate fine-tuning, if fine-tuning is taken in small pace gradually with the same direction and continuity, the market mechanism could function more effectively, thus the economy could be stabilized on its natural path of development. Smoothed interest rate fine-tuning could satisfy both the requirement of interest adjustment, and the need of continuity of interest policy and the open market operations. Due to the fact that smoothed interest rate fine-tuning has the advantage of being market oriented with policy continuity, it is recommended for interest rate adjustment in our country.

关 键 词：利率微调 平滑词控 操作机制 

分 类 号：F830.9[经济管理—金融学]