中国货币政策工具的协调性分析及对策

Analysis and Countermeasure about the Coordination of Monetary Policy in China

运用向量自回归(VAR)模型和Johansan协整检验,对中国货币政策工具之间协调性进行分析,结果表明:货币政策工具的各项指标之间存在不同程度的依存关系,而央行贷款利率始终能有效地抑制外汇占款,因此应加强货币政策工具的配合使用及合理控制外汇占款。

Vector auto regression（VAR）model and Johansan co integration test are utilized to analyze the coordination between monetary policy instruments in China, which indicates that the there exists different extent dependence relationship among various indicators of monetary policy instruments, but the loan rate of central bank can effectively inhibit the RMB counterpart of foreign exchange reserves. Therefore, we should strengthen the cooperation of various monetary policy instruments and properly control the foreign exchange.