告示效应：基于我国货币市场利率的实证研究

近年来,西方国家在货币政策操作中逐渐利用告示效应来实现其政策利率目标,在告示效应对经济变量施加影响的作用机制中,中央银行的信誉度、责任性及透明度状况起了重要作用;相比传统的公开市场操作,告示效应具有影响直接、效果明显和操作成本低的优点;基于此,我国有必要在货币政策操作中强化告示效应的影响机制,以建立一个更为简明有效的货币政策操作框架.

Announcement Effects: Empirical Testing Based on Money Market Interest Rate in China

Recently, a new paradigm of monetary policy implement with announcement effects was introduced to realize interest rate target in Western countries. Credibility, responsibility and transparency play an important role in the process of smoothing volatility of interest rate. Compared with open market operation, open mouth operation is more effective and less costly to realize interest rate target. To establish a concise and effective monetary policy framework, announcement effects of open mouth operation should be strengthened in the process of implementing monetary policy in China.