关于货币政策若干问题的思考

The Thinking on the Monetary Policy

当前我国货币政策的最终目标名义上虽已“单一” ,实际上仍为“多重” ,应当从速纠正。因为 ,国民经济的健康发展 ,需要完善三个机制 :技术进步、维护适度社会公平、货币总量调控。前两者的缺陷是货币政策所无能为力的。当前应在合理定位货币政策作用的前提下完善中介目标。从实际国情出发 ,中介目标应是一个体系 ,其中核心是保持M1 GDP和M0 GDP的基本稳定。当前货币进入实质经济的渠道不顺畅 ,应当针对成因并以加速改革为核心采取综合措施。主要是 :加速“微观基础再造” ,消除“软约束” ,完善市场主体 ;协同推进利率与汇率的市场化 ;发展货币市场 ;大力发展债券市场与公开市场业务 ;规范股票市场 ,消除“资金黑洞” ;改进央行的“窗口指导”。

A Positive Research on Issuing Scale of National Debt Abstract:At present,although the ultimate goal fo our monetary policy is“single”in nominal,it is still“multiple”in practice,this should be corrected as soon as possible.The healthy development of national economy needs to consummate three systems:technical progress,moderate social equality maintaining,money aggregates control.Monetary policy can do nothing with the defects of the former two. At present,to consummate the intermediate targets should define the effect of monetary policy rationally.The intermediate targest should be a whole system according to the situation of our country,its core is to keep the fundamental stability of m\-1/GDP and m\-0/GDP. At present,the channel for money to flow into the virtual economy is not smooth ,aiming at the cause as well as accelerating the reforms,compound measures should be taken:accelerate“micro-foundation rebuilding”,abolish“soft restriction”,consummate market body;advance freely flexible interest rate and exchange rate;develop money market;develop bond market and open market,regulate stock market,avoid“assets black-hole”,improve“window-guidance”of central bank.