LPM模型下的利率政策及其作用

Interest Rate Policy and Its Role under LPM Model

本文探讨在不完全信息条件下,央行以短期流动性效益目标,利用利率政策工具在银行间拆借市场、货币市场以及资本市场上的非对称性传导表现为基础,并以此为逻辑线索线进行分析,指出利率主义的深化、利率政策内生性需求下,利率政策效应在银行间拆借市场、货币市场与资本市场中的链接,因不同的产品时间反应不一致从而使得利率政策在不同的市场产生不同的有效性、内生性变化效果,继而阐明了有限参与市场条件下利率传导的非对称性有效性效应,说明国民经济发展中利率政策调控需要考虑定向调控利率的问题。对央行的定向调控等利率政策的制定与调整提出了合理化建议。

This essay discusses that the Central Bank＇s utility of interest rate policy in inter- bank lending market,monetary market and capital market and its performance on asymmetric information transmission with short- term working benefits as target under the condition of incomplete information. Also,with them as clues,this essay indicates that considering the further deepening of Monetarists＇ view on interest rate and the endogeneity of interest rate policy,the Interest rate policy shows different effectiveness,endogeneity and changes in different markets because of the various respond times of various products. Then,it illuminates the asymmetry as well as effectiveness with limited participation of markets and demonstrates that the need of putting directional adjusting and controlling interest rate in national economical growth. Lastly,this essay provides rational suggestions on formulating and adjusting Interest Rate Policies like directional adjustment and control.