| 我国公开市场操作对市场行为有效性的研究 |
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| 引用本文： | 于建忠. 我国公开市场操作对市场行为有效性的研究[J]. 财经研究, 2006, 32(11): 98-104 |
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| 作者姓名： | 于建忠 |
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| 作者单位： | 南京农业大学,经济管理学院,江苏,南京,210095 |
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| 摘 要： | 文章主要从我国央行公开市场操作的发展趋向、影响公开市场操作对市场行为引导有效性的因素,以及我国公开市场操作提升有效性的改进等三个方面展开分析,并以美联储的货币政策操作和公开市场业务作为参照,以2005年我国汇率体制改革启动前后央行公开市场操作对债券市场的影响作为实证分析,论证了我国公开市场业务对市场行为的有效性、重要性和制约性,表明了我国公开市场操作在引导市场预期与央行调控意图一致性方面有明显提升。
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| 关 键 词： | 公开市场操作 市场行为 债券市场 货币政策 有效性 |
| 文章编号： | 1001-9952（2006）11-0098-07 |
| 收稿时间： | 2006-07-20 |
| 修稿时间： | 2006-07-20 |
A Study on Effectiveness of Open Market Operation of China's Central Bank's Influence to the Market Behavior |
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| YU Jian-zhong. A Study on Effectiveness of Open Market Operation of China's Central Bank's Influence to the Market Behavior[J]. The Study of Finance and Economics, 2006, 32(11): 98-104 |
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| Authors: | YU Jian-zhong |
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| Abstract: | This article mainly analyzes the effectiveness of open market operation of China's Central Bank's influence to market behavior from three aspects,including the trend,the main influence factors,and improvement of our open market operation.With the reference of Federal Reserve's monetary policy and its open market operation,we take the bond market behavior in 2005 as analysis sample,and find that our open market operation has been proved in its validity,importance and conditionality,which indicates our open market operation has been promoting its ability to uniform market anticipation with the central bank regulation intention. |
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| Keywords: | open market operation market behavior bond market monetary policy effectiveness |
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