货币政策中介与目标关联性的历史变迁与现实选择

美国以实际利率代替货币供应量作为主要货币政策中介,以经济增长为首要目标,最终为金融危机的爆发提供了温床。欧央行以欧元区核心货币增长(M3)为货币政策中介,以保持币值稳定为首要目标,使得货币政策中介与货币政策目标长期保持高度关联性。我国货币政策中介与目标具有一定关联性,但近年两者关联性逐渐减弱。货币政策研究及实践表明,保持币值稳定应当是今后我国货币政策目标理想选择,当前货币政策适宜选择微调并尽快向稳健货币政策回归,结构调整新要素有利于改善货币政策效力。

The Historical Change and Parctical Choice of the Relevance between the Intermediate and Target of Monetary Policy

The US taked the real interest replace the money supply as the main intermediary of monetary policy,and taked the economic growth as priority target,ultimately,that provided the hotbed for financial crisis's eruption.The European Central Bank taked the core euro-zone money growth(M3) as the main intermediary of monetary policy,and taked the stability of currency as priority target,that maked the intermediary of monetary policy and the monetary policy target maintain a high degree of relevance for a long tim...