货币政策理论与实际应用的背离

Deviation of Monetary Policy Theory from Practical Application

存款准备金率作为中央银行货币政策工具之一,理论上认为它的调整会使经济运行发生猛烈波动,故被称为"巨斧",一般不轻易使用;但在我国近两年的货币政策应用过程中存款准备金率的变动并未引起经济剧烈波动,出现了理论与实际的背离。要解释这种背离,使货币政策充分发挥效果必须从我国的实际情况出发,结合传导机制的各个环节具体分析,因时因地制宜,在实践中有所总结和创新。

Required reserve rate is one of the monetary policy tools of the Central Bank. Theoretically speaking, its adjustment will make economy situation fluctuate violently, so it is named ＂ the huge axe＂, which generally is not used lightly. But during the application course of monetary policy in China in recent two years, the change of the required reserve rate did not arouse the acute fluctuation of economy, which shows that the theory deviates from the reality. In order to explain the phenomenon and make monetary policy work successfuUy, we must take the situation of our country into account, analyze specific factors of conduction mechanism, suit our measures to different conditions in terms of locality and time, and make the summary and innovation in practice.