新型货币政策工具运用与基准利率选择

The New Monetary Policy Tools Use and Benchmark Interest Rates

"次贷危机"爆发,促进了结构性货币政策的推出和运用。新型货币政策工具与传统货币政策存在差异,使得它们的传导机制不同。本文通过构建模型,选取上海银行间同业拆借利率等常用利率,实证分析了其相关性并进行了稳定性检验。结果表明:综合考虑风险性和相关性,银行间隔夜质押式回购利率更适合作为基准利率。

the 'subprime crisis' broke out,promoted the structural of the launch and use of monetary policy. New monetary policy tools and the traditional monetary policy is different,that their different transmission mechanism. By building model, this paper select Shanghai interbank lending rates and other common interest rates, the empirical analysis on the correlation and the stability test was performed. Results show that the comprehensive consideration of risk and correlation,overnight bank pledged repo rate is more suitable for as the benchmark interest rates.