摘要
建立了一个包含利率、信贷、资产价格及汇率传导的货币政策综合传导机制模型,使用近一个经济周期的货币金融类数据研究价格调控与数量调控对各宏观经济主要变量的冲击反应关系.研究结果显示,利率的冲击响应关系并不明显,近期利率上调对抑制物价的作用可能在未来并不明显.而相较之下利用公开市场直接投放和回笼货币对在抑制通胀的同时保证经济平稳运行更为有效.
This paper proposes a structured model,with transmission mechanisms of the interest,credit,exchange rate and the asset price market,and investigates the relationships of the price and quantity monetary policies and the economy by a complected economy circle＇s data.The results show that the interest policy is not good to the inflation,and the open market operations are more useful.
出处
《系统科学与数学》
CSCD
北大核心
2011年第3期339-345,共7页
Journal of Systems Science and Mathematical Sciences
关键词
货币政策传导
利率政策
量化调节
Monetary transmission mechanism
interest rate policy
quantitative adjustment
