论宏观审慎管理框架下反周期货币政策基本架构的优化

Analysis of the Basic Structure of Counter-cyclical Monetary Policy Based on the Framework of Macro-prudential Regulation

本文在逆周期宏观审慎管理框架下,从反周期货币政策的目标体系、操作方式及工具选择等方面入手,构建了适合中国反周期宏观调控需要的货币政策基本架构。本文认为,中国应建立逆周期金融宏观审慎管理框架下的主从制货币政策最终目标,根据经济运行状况,确定价格稳定和经济增长目标的主次,同时突出货币政策在维护金融整体稳定中的作用。

Based on the framework of macro-prudential regulation,this paper constructed China＇s counter-cyclical monetary policy structure from the aspets of monetary policy objectives,operational mode,and selection of monetary tools.Finally,this paper provides that China needs to construct ultimate target of monetary policy with primary-secondary system,which is based on the framework of macro-prudential regulation.Forethemore,central bank needs to ascertain the primary and secondary tasks between price stability and economic growth,and highlight the role of monetary policy in safeguarding financial stability in line with economic performance and environment.