1998年以来我国货币政策有效性评析

On the Effectiveness of China's Monetary Policy Since 1998

本文将1998年以来我国货币政策的实施分为1998-2002年及2003年至今两个阶段进行了简要回顾,从操作目标、中介目标、终极目标三个层次分析了1998-2002年和2003年至今我国货币政策的有效性,并对影响货币政策有效性的因素进行了分析。

The paper bravely reviews the monetary policy adopted by the People's Bank of China since the latter of 1990's. In terms of operating target, intermediary target and final target, the author evaluate the effectiveness of monetary policy in 1998 - 2002, and 2003 up to now, and analyzes the factors that affect the validity of the monetary policy.