价格型货币政策操作框架：利率走廊的 条件、机制与实现*

随着商业银行产权市场化水平的提高，以及金融创新的不断涌现，数量型货币政策操作框架的有效性开始下降。本文通过对商业银行行为的分析，基于其极大化经营利润的诉求，论证了利率走廊系统的运行条件及机制。研究认为，完善的制度安排、商业银行的市场主体地位、充分竞争的市场、高效的实时清算系统等是利率走廊系统发挥作用的基础条件；在利率走廊系统运行过程中，当货币市场被注入过多流动性时，其可能转化成地板系统；价格型货币政策操作框架能够实现分别进行资金价格调控与资金数量调控，从而使货币政策操作的针对性与有效性得到提高。由此论文从利率走廊系统的构建、中央银行的职责、商业银行的行为等方面，提出我国货币政策操作框架从数量型调控向价格型调控转型的路径。

PRICE-BASED MONETARY POLICY OPERATION FRAMEWORK: CONDITIONS,MECHANISM AND REALIZATION OF INTEREST RATE CORRIDOR

With the advancement of commercial banks property right marketization and the emergence of financial innovations, the effectiveness of quantity based monetary policy has declined. This paper analyzes the behavior of commercial banks, and further demonstrates the preconditions and operating mechanism of interest rate corridor system, based on commercial banks target of profit maximization. This study shows that, the preconditions of interest rate corridor system are perfect institutional arrangements, commercial banks status as market oriented entity, a fully competitive market, and a highly efficient real time settlement system.During the operation of interest rate corridor system, when too much liquidity is injected into the monetary market, the system could be transferred into floor system.The framework of price based monetary policy can implement the adjustment of the price and quantity of capital respectively, thus the monetary policy can be more specific and effective. Based on this study, this paper puts forward some suggestions on establishment of interest rate corridor system, duties of the central bank, and behavior of commercial banks, to build an approach in which Chinas monetary policy operation framework can transform from quantity based into price based.