论新经济条件下的货币政策传导效率

The Transmission Efficiency of the Monetary Policy under the New Economy

中国货币政策的运作环境正在发生变化 ,政策调控重点转移 ,经济市场化水平提高 ,货币市场正在发挥政策操作平台的作用 ,资本市场发展、货币资源分布的畸型结构、货币替代的出现 ,正在对货币政策传导产生复杂影响 ,提高货币政策作用和效率 ,亟需研究在新的经济条件下货币政策的传导机制。

Accompanied by the change in China's monetary policy's operating environment, the shift of regulation target, and the improvement of liberalization of the economy, the money market acts as a policy operating platform. However, the monetary policy transmission is influenced by the development of capital market, the distorted allocation structure of money resource and money subsitution complexly. To enhance the effects and efficiency of monetary policy, it is necessary to study the ransmission mechanism of monetary policy under present economic situation.