利率工具论:对一个经典命题的学理反思

Theory of Taking Interest Rate as a Tool: Theoretical Reflection on a Classical Proposition

自维克塞尔提出货币非中性的理论后,"利率工具论"大行其道,而且作为经济学的经典命题写进了各种权威版本的经济学教科书,时至今日不少国家央行仍将利率当政策工具使用。针对当前中国物价稳定的事实,国内也有学者呼吁央行相应调低利率。利率究竟能否作为央行的政策工具?通过对"利率工具论"的系统反思,指出利率工具论存在三大误区,并从学理层面证明利率不是货币的价格,利率水平不由货币供求决定,利率不能调节货币供求,从而可以得出利率不是央行政策工具的结论。

After Vicker Searl's theory of non-neutral currency, the theory of taking interest rate as a tool has been dominant, and written into different editions of authoritative textbooks as a classical proposition of economics. Today, central banks in many countries still use interest rate as a policy tool. In view of the fact that China's prices are stable at present, there are also scholars in the country calling on the central bank to lower interest rates. Can interest rates be used as a policy tool for the central bank? This article makes theoretical reflection on this proposition comprehensively and points out that interest rate is not the price of money, interest rates are not determined by the supply and demand of money and interest rates can't adjust the money supply and demand. Accordingly, interest rates are not essential to the central bank's policy tools. To validate the above viewpoints, the article offers corresponding empirical analysis.