论作为货币政策工具的黄金业务

The Analysis of Gold market as A Monetary Policy Instrument

从中央银行资产负债表分析 ,买卖黄金也是扩大或收缩国内货币供应的手段。由于黄金、政府债券和外汇不是完全的替代物 ,中央银行可以考虑把公开市场业务与外汇业务和适当的黄金业务结合起来 ,以获得理想的货币政策效果。本文提出的四资产理论模型对中央银行黄金业务的政策效果进行了分析 ,其结果支持以上的观点。

Judging from the balance sheet of central bank, gold market operation also plays a role in the expansion or contraction of money supply. Since gold government bonds and foreign exchange are not the complete substitutes, central bank can combine the open market operation (both in government bonds market and foreign exchange market) with moderate gold market operation, which may lead to a more satisfactory monetary policy effect. In this article, we present a four-assets model to analyze the policy effect of Central bank's gold market operation, the Conclusion backs up our viewpoint.