货币政策中介目标的选择:利率还是货币供应量

The Choice of Intermediate Target for Monetary Policy:Interest Rate or Money Aggregate

货币政策中介目标的选择对于中央银行货币政策的制定和实施非常重要,通常中央银行以货币供应量或利率作为货币政策中介目标。本文从基本理论与经验分析两个方面对此进行了研究。研究结果显示,目前我国货币政策的中介目标应从货币供应量转变为利率。

Central bank commonly utilizes interest rate or money aggregate as the intermediate target of monetary policy.In this paper,the author respectively demonstrates their advantages and disadvantages as the intermediate target of monetary policy.Because money demand is unstable and central bank has difficulty in controlling money supply in reality,as the intermediate target of monetary policy, interest rate is more appropriate than money aggregate.The empirical analysis of China also supports this conclusion.