中国货币政策传导机制分析——利率渠道的实证分析

Analysis on the propagation institutions of Chinese monetary policies： The positive analysis on interest rate channel

市场经济条件下，在发达的货币市场和有效的金融机制基础上，货币政策主要通过利率、汇率、非货币资产和信贷传播四条途径影响宏观经济总量。本文重点通过对利率传导渠道的实证分析，说明中国由于利率管制等方面对货币政策传导的阻滞作用，中央银行的货币政策意图不能有效地指导实体经济，进而对疏导货币政策的传导机制提出对策建议。

Under the condition of market economy, based on the developed monetary market and effective financial institutions, monetary policies mainly influence macroeconomic performance in four ways, including interest rate, foreign exchange rate, non-monetary capital and credit propagation. Through the positive analysis on interest rate channel, this paper explains why Central Bank＇s monetary policies plan can not guide the industrial economy effectively, due to the retarding effects caused by Chinese interest rate regulation, and then raises the suggestions concerning the propagation institutions of monetary policies.