我国货币政策工具治理物价上涨效果的实证分析:以法定准备金率和利率为例

AN EMPIRICAL ANALYSIS OF THE EFFECTS OF MONETARY POLICY TOOLS ON CONTROLLING INFLATION:TAKING REQUIRED RESERVE RATE AND INTEREST RATE AS EXAMPLES

从长期看,法定准备金率和利率的变化与物价水平的变化之间存在协整关系,但它们却不是物价变化的根本原因。因此要从根本上控制物价上涨,提高货币政策工具的实施效果,一是要规范市场秩序,二是要完善社会保障体系,三是要减少法定准备金率的使用频率,四是要积极配合使用其它货币政策工具,五是要进一步完善人民币汇率的形成机制。

In the long run, there is a co-integration relationship between the varieties in required reserve rate and interest rate and those in inflation. However, the former is not the key cause of the latter. Therefore, to control inflation and improve the effeciency of Monetary Policy Tools, there are five things to be done： standardizing the market order, improving the social security system, reducing the frequency of using required reserve rate, actively using other tools of monetary policy, and improving the formation mechanism of the RMB exchange rate.