宏观调控的有效性与货币政策作用

The Efficiency of Macroeconomic Adjustment and Effects of Monetary Policy

宏观调控应该瞄准常态增长率。由于劳动力市场可以在较长时期内处于低工资水平 ,所以中国可以创造出较高的经济增长率。货币政策除了具有通货膨胀效应之外 ,还具有产出效应 ,从而使得货币政策能够发挥宏观调控的巨大作用 ,有利于经济的高速增长和城市化的加速发展。

The goal of macroeconoimc adjustment and control should be at normal growth rate. China can create higher economic growth rate, since wages in the labor market has been kept at low levels for a long time. Monetary policy has output effects as well as inflation effects, which brings into play of the macroeconimc adjustment so as to benefit the higher growth rate of the rapid development of economy and the acceleration of urban modernization.