对我国货币政策中介目标的研究

A Research on the Intermediate Target of the Monetary Policy of Our Country

货币供应量作为我国货币政策中介目标虽仍具备合理性,却面临一系列困难和障碍;同时,由于利率形成机制并不完善,利率暂时不能作为货币政策中介目标。目前我国应将货币供应量作为货币政策直接中介目标,而以利率作为辅助中介目标,发挥利率在货币政策体系中应有的作用。

As the intermediate target of monetary policy of our country, monetary aggregate still has its reasons, but faces a series of difficulties and barriers. At the same time, because of the imperfect interest rate formation mechanism, interest rate can＇t be the intermediate target of monetary policy. At present our country should regard monetary aggregate as the direct intermediate target of monetary policy, and interest rate as auxiliary intermediate target, and exert the function of interest rate in the system of monetary policy.