数量型还是价格型货币政策比较——基于利率市场化角度的分析

A Comparison on Quantitative Monetary Policy and Price-based Monetary Policy—An Analysis Based on the Perspective of Marketization of Interest Rate

利率市场化进程中,数量型还是价格型货币政策合适?文章考虑金融市场上的金融加速器特征,将其引入DSGE模型,通过校准、模拟,从宏观经济波动幅度、不同货币政策下冲击效应以及福利损失函数三方面综合分析了利率市场化过程中数量型和价格型货币政策有效性问题。研究结果显示,随着存款利率的上升,在熨平经济波动方面,价格型货币政策更有优势;在促进经济增长方面,数量型货币政策更有优势;对央行损失而言,价格型货币政策的损失更小。因此,中央银行应根据需要灵活的运用数量型和货币型搭配使用,做好数量型向价格型转变。

Whether the quantitative monetary policy or the price-based monetary policy is appropriate in the process of mar-ketization of interest rate？ The paper introduces the characteristics of the financial accelerator in the financial market into DSGE model through calibration and simulation, and makes a comprehensive analysis on the effectiveness of both quantitative and price-based monetary policies in the process of marketization of interest rate from three aspects of the macroeconomic fluctua-tions,the shock effects under different monetary policies and the welfare loss function. The results show that：the price-based monetary policy plays a more important role in decelerating economic fluctuations with the increase of deposit interest rate;the quantitative monetary policy has more advantages in promoting economic growth;the loss of price-based monetary policy is smaller compared with that of the central bank. Therefore, the central bank should make a good combination of quantitative and price-based monetary policies based on the requirements,and also make a good preparation for the shift of quantitative to price-based monetary policies.