零准备金制度下的货币政策操作框架研究

Research on Monetary Policy Framework with Zero Reserve Requirements

目前世界上越来越多的国家取消了对商业银行的法定准备金要求,不仅于此,英国、加拿大和澳大利亚等国家的中央银行还采用了通货膨胀目标制的货币政策框架,从而主要通过调控短期名义利率来实现既定的目标通货膨胀率,如此操作不但较好地实现了对宏观经济的调控,而且,相比较正法定准备金制度下的货币政策操作,在零准备金制度下,货币当局主要通过引导市场主体的预期来实现政策目标,从而在减少货币政策操作成本的同时,也使得中央银行有了更大的政策实施空间。

More and more countries have canceled zero reserve requirement system; moreover, the framework of monetary policy inflation-targeting was introduced to realize economy regulation in Canada, New Zealand and Austria. On the basis of zero requirement reserve system, some countries used the nominal interest rate corridor to stabilize target inflation. Compared with the traditional system, it is simple and efficient for bank to make decision of reserve management and helpful to avoid the volatility of overnight rate, moreover, it provides more space for central bank to implement monetary policy.