“利率走廊”调控模式的机制与启示

The Mechanisms and Suggestions of "Interest Rate Corridor" in Monetary Policy Implementation

在加拿大、新西兰和澳大利亚等国的货币政策实践中,“利率走廊”(Interest Rate Corri-dor)正逐渐取代公开市场操作的位置,从而在稳定货币市场利率中发挥重要作用。实践表明,利率走廊调控模式简单透明,有利于正确引导公众预期,并具有更好的调控效果。因此,我国也有必要考虑采用利率走廊调控模式以调控市场利率。

In recent years, monetary policy in Canada, New Zealand and Australia was implemented by using interest rate corridor, a new way to control overnight interest rate. In practice, the mechanism of interest rate corridor is simpler and more transparent, beneficial to correctly guiding the expectation of the public, thus achieving better controlling effects. Therefore, in the future development of monetary policy implementation, the interest rate corridor ought to be used to control short - term interest rate in China.