我国名义利率调整机制与货币政策“流动性陷阱”检验

China's Nominal Interest Rate Adjustment Mechanism and "Liquidity Trap" Test of Monetary Policies

货币政策的"流动性陷阱"是名义利率接近零水平时出现的货币政策弱效现象。近年来我国名义利率水平出现了比较显著的波动性,我们需要利用具有随机系数的货币需求函数来估计货币需求的动态弹性系数,从名义利率的弹性轨迹上判断利率政策的作用效果。实证检验发现我国目前没有出现显著的货币政策"流动性陷阱",在本轮宏观经济调控过程中,名义利率仍然是重要的货币政策工具。

＂Liquidity trap＂ of the monetary policy refers to the weak effect of monetary policy when the nominal interest rate is near zero. In recent years, China＇s nominal interest rate has experienced drastic vibrations. We have to use the monetary demand function with random coefficient to estimate the dynamic elastic coefficient. By judging the elasticity of nominal interest rate, we can tell the effect of the interest rate policies. The empirical test shows that currently in China there is no ＂ liquidity trap＂ of monetary policies so in this process of macro-economic control nominal interest rate is still one of the major tools of monetary policy.