关于中国货币政策有效性问题的探讨

Exploring Validity Question of Chinese Currency Policy

开放经济对货币政策运行环境、传导机制、调控手段和目标都产生了重要的影响,使得保持货币政策的有效性变得更加复杂。主要表现为:外部均衡在货币政策中的地位显著提高;利率政策和汇率政策相互影响;货币供给的内生性增强;国际经济渠道在货币政策传导机制中的重要性上升;部分货币政策工具的调节力度有所下降。随着我国对外开放进程的加快,要提高货币政策的有效性,必须加快汇率制度改革,建立市场化的汇率机制;把我国的货币政策中介目标逐渐由货币供给量变为市场利率;加快利率市场化改革;注重利率政策和汇率政策的协调。

Open economy has an important effect on monetary policy＇ s operation environment, Conductivity mechnism, controlling method and its good. It becomes more complex to keep the validity of monetary policy, such as external equilibrium becomes more important in monetary policy, interest rate policy and exchange rate policy interact each other; endurance of money supply increased; international economic channel becomes more important in the conductivity mechanism of monetary policy; some monetary policy instruments＇ adjustment effect decreased. With deeping open to the world, in order to improve validity of monetary policy, we should further reform of exchange rate system; establish market - exchange rate mechanism; change for monetary policy medium goal from money supply to market interest rate; further reform of interest rate marketing; focus on coordination between interest rate policy and exchange policy.