摘要
"双轨利率"下的货币供给模型显示,货币供给不但取决于基础货币和基础利率变量,而且取决于贷款的随机扰动、准备金供求的随机扰动和货币乘数的随机扰动。实证检验结果表明,1998年以来,基础货币、贷款利率与货币市场利率之差成为我国货币供给波动的主要影响因素。这主要因为"双轨利率"模式下贷款利率和货币市场利率之间的双向反馈机制作用并不对称。
The money supply model based on ＂dual rate＂ shows that base money and basic interest rate are not the only factors that determine money supply,but also the random disturbances of loans,supply-demand of reserve and the random disturbances of money multiplier.The outcome of empirical test illustrated that the main factors that affect the fluctuation of money supply in China are base money and the difference between loan rate and money market rate since 1998.This mainly because bidirectional feedback mechanism between loan rate and money market rate is asymmetric under the mode of ＂dual rate＂.
出处
《经济问题》
CSSCI
北大核心
2010年第4期92-98,共7页
On Economic Problems
