我国货币政策的银行间同业拆借利率传导效应研究

The China Interbank Offered Rate Transmission Effects In Chinese Monetary Policy Operation

通过对银行间同业拆借利率之间及银行间同业拆借利率与宏观经济变量之间反馈关系的分析,揭示了我国货币政策银行间同业拆借利率传导的规律性。中央银行在数量型(货币供给)调控的基础上,运用价格型(利率)工具实现货币政策传导的准确性和稳定性目标,包括应对资产价格的变化。银行间同业拆借市场提供了关于货币供给、均衡信贷量、均衡通货膨胀、均衡利率和均衡资产价格的多种货币政策决策参考信息。货币政策表现出货币供给规则和利率规则混合协调的特征。

Reveals the laws of china interbank offered rate transmission of china monetary policy through analyzing feedback relation between china interbank offered rates and between china interbank offered rates and macroeconomic variables.Chinese central bank attains the target of accuracy and stability of monetary policy transmission including reacting to variation in asset price by the price type of interest rate instrument on the basis of the quantity type of control and regulation of money supply.China interbank offered market provides various kinds of information on money supply,equilibrium loan fund,equilibrium inflation,equilibrium interest rate and equilibrium asset price for monetary policy decision reference.Monetary policy places emphasis on the mixed coordination of money supply rule and interest rate rule.