货币政策的量价目标可否得兼？  

Whether quantitative target and price target of monetary policy are compatible？

作　　者：曹红钢 伍戈 

出　　处：《中国货币市场》2015年第6期5-8,共4页China Money

摘　　要：文章运用货币供求的简明框架分析了货币政策量价目标的兼容性。研究表明，在理论上，货币政策量价目标具有不可兼容性．而部分新兴市场国家转型期的典型事实也从侧面证明了这一点。对于我国而言，现阶段受制于预算软约束的普遍存在、市场收益率曲线有待完善等现实局限，可能在短期内，货币政策数量和价格目标需要妥善协调。但在中长期内，应正视量价难以兼容的固有矛盾，加快数量型向价格型框架的转变。The article analyses the compatibility between the quantitative target and the price target of the monetary policy by using the framework of money demand and supply. The result shows that the two targets are theoretically incompatible and the fact of some emerging economies in the midst of transformation also confirms this point. As to China, currently there are some restrictions such as the generally existed soft budget constraints and immature market yield curve. So, in the short term, the quantitative target and the price target of the monetary policy need to be coordinated appropriately,while in the mid and long term, the inherent incompatibility between the quantitative target and price target should be considered seriously and the transition from quantity-based framework to price-based framework should be accelerated.

关 键 词：货币政策 新兴市场国家 价格目标 预算软约束 收益率曲线 兼容性 框架分析 货币供求 

分 类 号：F822.0[经济管理—财政学]