| 利率平滑:基于学习机制和美联储实践的分析与启示 |
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| 引用本文： | 萧松华,杨德娟.利率平滑:基于学习机制和美联储实践的分析与启示[J].国际金融研究,2009(8). |
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| 作者姓名： | 萧松华 杨德娟 |
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| 作者单位： | 暨南大学金融研究所与金融系;暨南大学经济学院; |
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| 基金项目： | 广东省高校人文社科重点研究基地课题《中央银行学习对货币政策操作影响之研究》(2008002)的阶段性成果 |
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| 摘 要： | 本文通过引入学习机制,在不确定性视角下剖析了利率平滑的作用原理。认为具有学习机制的利率平滑有助于公众和央行以较低成本获取充分信息从而形成合理预期;同时,对美联储利率平滑操作实践的分析表明,利率平滑并非绝对最优,也具有一定的政策风险。因此,我国央行可在一定条件下进行利率平滑,且须注重学习才能提高政策操作效果。
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| 关 键 词： | 货币政策 利率平滑 不确定性 学习机制 |
Interest-rate Smoothing:an Analysis on Learning Mechanism and Fed's Practice |
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| Xiao Songhua Yang Dejuan.Interest-rate Smoothing:an Analysis on Learning Mechanism and Fed's Practice[J].Studies of International Finance,2009(8). |
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| Authors: | Xiao Songhua Yang Dejuan |
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| Abstract: | By introducing learning mechanism,this paper analyses the principle of interest-rate smoothing with a perspective of uncertainty,and points out that interest-rate smoothing can help both private section and central bank obtain sufficient information for rational expectation.Also,with an interpretation of the Fed's interest-rate smoothing,it con-cludes that interest-smoothing is not definitely optimal but somewhat risky.So the People's Bank of China may consider to impose interest-rate smoothing as appropria... |
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| Keywords: | Interest-rate Smoothing Learning Uncertainty Monetary Policy |
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