论货币政策中间目标的选择

The Choice of the Middle Target of Monetary Policy

本文认为,现阶段货币供应量作为货币政策中间目标的局限性并不能否认其作为货币政策中间目标的重要性。关键是要创造出有利于货币供应量发挥中间目标功能的货币控制机制,我国应适时调整货币供应量的统计内涵,加快利率和汇率的市场化改革,提高货币供应量的可控性,以适应我国向市场经济转变对宏观控制的需要。

Most of recent researches reveal that the relationship between money supply and aggregate output is unstable and the effectiveness of money supply as the middle target is reducing. In spite of those, the importance of money supply in the execution of monetary policies cannot be denied. Based on the theoretical and experimental analyses, the author concludes that a money - controlled mechanism should be created promptly which is contributed to the performance of money supply as a middle target. Firstly, the scope of money supply should be redefined. Secondly, the reform market - based interest rate and exchange rate should be improved to strengthen the controllability of money supply.