论利率管制与货币供给量中介目标之间的矛盾

本文从货币当局无力同时控制利率和货币供给量的角度出发,探讨了利率管制与货币供给量中介目标之间的矛盾;分析了利率管制条件下,以货币供给量为货币政策中介目标,货币政策效果不佳,即实际货币供给量偏离中介目标货币供给量以及实际收入水平偏离最终目标收入水平的深层原因;指出了近年来我国货币供给量中介目标效果不佳,从根本上来说,是由我国客观存在的利率管制和货币供给量中介目标之间的矛盾造成的,是这种矛盾的必然结果.

On the Contradiction Between the Interest Rate Regulation and the Quantity of Money Targeting

This paper probes to the contradiction between the interest rate regulation and the quantity of money targeting. On this basis, the paper investigates the source of failure of the monetary policy when the central bank targets the quantity of money under the system of interest rate control. Finally the paper points out that the root cause of failure of our country's monetary policy lies in the contradiction between the interest rate regulation and the quantity of money targeting existing in our country in these years.