准备金在美联储利率政策执行框架中的作用及中国利率走廊建设

The Role of Reserves in Fed’s Monetary Policy Operating Framework and the Construction of China＇s Interest Rate Corridor

2008年金融危机以来美联储在其执行框架中引入了存款准备金利率作为主要机制并取得成功,积累了经验.中国伴随着利率市场化过程也在逐步建立政策利率体系,并尝试建立以利率走廊为主的政策执行框架.文章分析了准备金及其利率在联储利率政策执行框架中的作用及经验,并对中国的利率走廊建设,特别是如何在其中运用准备金及其利率机制提出对策建议.

After the financial crisis in 2008, the Fed introduced interest on reserves as a principal tool in its operating framework and achieved success and experience. China is also establishing a policy interest rate system step by step along with the market-oriented reform of interest rates, and is trying to establish a policy implementation framework based on interest rate corridor. The paper introduces Fed’s experiences and analyzes the role of reserves in the operating framework of Fed＇s interest rate policy, and proposes countermeasures for China＇s interest rate corridor construction, especially on how to use reserves and interest on reserves in such a regime.