对我国稳健货币政策的协调弹性分析

A Concordant and Elastic Analysis of Our Stable Monetary Policy

本文针对2003年以来物价水平上涨幅度过大、信贷增长过快、通货膨胀压力突现、中央银行两次调整法定准备金率的情况,认为这并不意味着国家需要放弃实施“稳健货币政策”,协调弹性是“稳健”的核心所在。货币政策诸目标的均衡选择、强调总量调控的同时重视政策工具的灵活搭配运用、解决传导机制的梗阻等问题均要从协调的角度去理解分析。

Based on the situations such as rising price, excessive credit, apparent inflation and the legal reserves adjusted by the Central Bank(the CB) since 2003 in China, this paper puts forward the view that the CB needn't give up 'the stable monetary policy', and concordance and elasticity are the core of the policy. Many existing problems should be analyzed from the perspective of concordance. Only in this way can the stable monetary policy improve the economy.