摘要
本文通过建立结构向量自回归模型,分析了货币政策不同盯住目标与最终目标之间的作用关系和扰动响应,对货币政策数量、价格两种传导机制的有效性进行了比较。从实证结果看,中央银行选择盯住货币供应量具有相对合理性。中央银行应继续完善货币政策体系,疏通货币政策传导渠道,更好地实施以货币供应量为盯住目标的数量调控。
The paper applies SVAR model to study disturbances and responses between the different pegging variables and ultimate variables of monetary policy. It also compares the transmission effect of quantity and price mechanism. It demonstrates that central bank＇s choice of pegging money supply is comparably sensible. To reinforce the effect of monetary policy, central bank should perfect the manipulation system of monetary policy and continue to implement the quantity control by means of monetary targeting.
出处
《金融研究》
CSSCI
北大核心
2008年第5期25-34,共10页
Journal of Financial Research
