基于自愿准备金制度的利率走廊调控模式研究

Research on Interest Rate Corridor with Voluntary Reserve Commitments

近年来,很多西方国家的中央银行采用了利率走廊调控框架,以此来调控和实现政策目标利率。但在基于零准备金制度下的利率走廊调控框架中,中央银行很难保证商业银行等市场主体的流动性供求决策面临对称的机会成本,因此会影响利率走廊的实际调控效果;而相比之下,在基于自愿准备金制度的利率走廊调控框架下,有效对称的机会成本设计使得市场主体的储备需求曲线更富有弹性,从而保证中央银行能够顺利实现其调控目的。

Recently, a new paradigm of monetary policy implement with interest rate corridor was introduced to realize interest rate target in western countries. However, it is proved that central bank is faced with the difficulty of ensuring symmetric opportunity costs around the target rate in the system of zero reserve requirements, which will impair the effectiveness of the corridor. In contrast, voluntary period-average reserve commitments will help to keep opportunity costs more symmetric and demand curve more elastic. Moreover, central bank can realize interest rate target easily.