开放经济下利率市场化对货币政策调控效应的影响研究

The Impact of Interest Rate Liberalization on the Regulative Effect of Monetary Policy under Open Economy

基于开放经济的DSGE模型框架,分析和比较中国利率市场化改革对数量型和价格型货币政策调控效应的影响,结果发现:数量型货币政策下,利率市场化提高了其调控产出和通胀的能力;价格型货币政策下,利率市场化没有提高其调控产出波动的能力,但是却较大幅度提高了其调控通胀的能力。利率市场化改革有助于提升货币政策的调控能力,从调控作用时间和影响程度来看,价格型货币政策调控效果较好。

Based on the DSGE model framework of open economy,the paper analyzes and compares the impact of China＇s interest rate liberalization reform on the regulative effect of quantitative and pricebased monetary policy. Results show that under quantitative monetary policy,interest rate liberation improves its ability to regulate output and inflation; under pricebased monetary policy,interest rate liberation makes no change on its ability to regulate output fluctuations,but greatly improves its ability to control inflation. Interest rate liberation can indeed improve the regulative ability of monetary policy,and from the point of controlling time and influence degree,pricebased monetary policy has better regulative effect.