中国货币市场运行:内生性、调整时滞与动态

固定利率制度下,价格成为货币市场失衡的调节机制;以结售汇为主要特征的汇率制度及其微观市场安排使得我国货币供给具有很强的内生性。在这个制度背景下,本文进一步考虑了我国货币和商品市场的调整时滞,建立了我国货币市场的动态系统理论模型,描述了我国货币市场的运行态势,并讨论了这种运行的含义。

ON THE MOVEMENT OF CHINA''S MONEY MARKET:ENDOGENEITY,ADJUSTMENT LAGS AND DYNAMICS

Under the fixed-interest-rate regime, commodity prices become the adjusting mechanism in money-market disequilibrium, and the special arrangements of the RMB exchange regime endogenize China's money supply. Under these institutional backgrounds, we establish the dynamic differential system for both the money market and commodity market by taking into account their adjustment lags. We identify the movement of money supply and commodity prices under different scenarios of shocks. These findings are empiricall...