对货币政策规则在我国适用性的实证研究

本文对各类货币政策规则理论进行了介绍,总结了学者对数量型货币政策规则和价格型货币政策规则的比较研究成果,在此基础上建立VAR模型检验不同货币政策规则在我国宏观经济调控中的适用性。通过实证研究,本文得出以下结论:虽然数量型货币政策规则有一定的局限性,但在利率尚未完全市场化的情况下对我国宏观经济的调控作用更显著;我国货币政策的制定过程中同时考虑了多个目标,而这也更符合我国的国情。

An Empirical Study of the Applicability of Monetary Policy Rules in China

The paper introduces various monetary policy rule theories,summarizes the comparative research results on quantitative monetary policy rule and price monetary policy rule,and establishes VAR models to test the applicability of different monetary policy rules in China's macroeconomic control.On this basis,the paper gets the following conclusions:Although the quantitative monetary policy rule have certain limitations,it is more effective to China's macroeconomic control when interest rates are not fully marketized;In the process of formulating China's monetary policy,multiple objectives have been considered,and this is more in line with China's national conditions.