利率走廊、利率稳定性和调控成本

Interest Rate Corridor,Stability of Interest Rate and the Operating Cost

20世纪80年代以来,发达国家和多数中等收入国家的货币政策操作框架都完成了从货币供给量为中介目标向以利率为中介目标的框架转型。在这个过程中及之后,许多国家采用了显性的或隐性的利率走廊。本文建立若干理论模型来描述利率走廊的运行机制。研究发现:(1)利率走廊操作可以较为有效地引导市场预期,降低市场利率波动;(2)利率走廊可以减少市场对流动性的"囤积性需求",从而降低央行公开市场操作成本;(3)最优利率走廊宽度的设定要综合考虑货币市场利率敏感度、调控成本、外部冲击的频率和幅度等因素。文章认为,我国在向新的货币政策框架的过程中也应建立利率走廊机制,以降低短期利率的波动率,提升未来政策利率的市场认可度和基准性,为利率的有效传导提供基础。

Since the 1980s, the monetary policy framework in developed countries and many middle -income countries has realized the transition of the intermediate targets from monetary aggregates to interest rates. During or after this transition, many countries adopted the interest rate corridor. This paper developed several theoretical models to describe the mechanism of interest rate corridor. We found that： （ 1 ） A interest rate corridor can reduce the market interest rate volatility by guiding market expectations more effectively; （2） a interest rate corridor can reduce the ＂ hoarding demand＂ of market liquidity, and reduce the open market operating cost of central banks ; （3） the optimal width of an interest rate corridor is a function of interest rate sensitivity, the policy operating cost, as well as the frequency and amplitude of external shocks. We suggest that China should establish an interest rate corridor during the process of the monetary policy framework transition, in order to reduce interest rate volatility, enhance the market acceptance and benchmark of the policy rate in the future, and provide a foundation for the effective transmission of the policy rate.