利率市场化对数量型与价格型货币政策效应的影响

The Impacts of Interest Rate Liberalization on the Effects of Price-Based and Quantity-Based Monetary Policies

本文构建动态随机一般均衡框架,从均衡利率上升角度分析利率市场化对数量型和价格型政策效应的影响。通过脉冲响应、参数敏感性和社会福利损失分析得到:(1)均衡利率上升减弱数量型调控宏观经济的能力;减弱价格型调控产出波动,但增强其调控通胀的能力。当前条件下数量型调控效果仍优于价格型。(2)参数敏感性分析表明价格型调控更加稳定。(3)两种货币政策下,均衡利率上升对居民社会福利基本没有影响。相对而言,价格型调控下福利损失较小。随着利率市场化的加速,中央银行需要协调搭配两种货币政策,做好数量型向价格型转变。

This paper builds a dynamic, stochastic and general equilibrium framework, and from the perspective of increase in equilibrium interest rate, analyzes the impacts of interest rate liberalization on the effects of the price-based and quantity-based monetary policies. By the analyses of impulse response, parameter sensitivity and social welfare loss,it is found that:(1) the increase in equilibrium interest rate weakens the quantity-based regulation ability of macro-economy, and reduces the fluctuation in the price-based regulation of output, but enhances the ability to regulate inflation.Currently, the effects of quantity-based regulation are better than those of the price-based.(2) The analysis of parameter sensitivity shows that price-based regulation is more stable.(3) Under the conditions of the two kinds of monetary policy,the increase in equilibrium interest rate almost does not impact inhabitant's social welfare. Relatively, the price-based regulation results in less welfare loss. With the acceleration of interest rate liberalization, the central bank needs to coordinate the two kinds of monetary policy and promote the transformation from the price-based to the quantity-based.