| 摘要: |
| 摘要：近年来，我国货币政策框架的深度调整已逐步展开。货币政策框架是由货币政策目标体系，以及实现该目标体系的传导机制、政策规则和政策工具组成。依据主要中介目标的区别，大体可分为数量型调控框架和价格型调控框架。二战以后，各国货币政策框架普遍经历由价格型到数量型再到价格型的转变。2008年国际金融危机后，“量价并行”货币政策工具组合开始被广泛使用，但价格型调控框架的基础并未动摇，利率仍是各国货币政策中的核心工具，而资产负债表操作只是零利率约束下的政策替代。梳理各国转型历程可知，货币政策目标以维持物价稳定为核心，数量型中介目标难以控制且易加剧市场利率波动，其度量问题及与经济相关性变差是各国放弃该框架的重要原因。货币政策透明度和可信度对预期引导至关重要，数量型工具在极端情况下可作为价格型调控的补充。我国应淡化数量目标关注，注重利率调控作用，提升金融支持实体经济的适配性与有效性，以实现货币政策框架的平稳转型。 |
| 关键词: 关键词：货币政策框架；中介目标；货币供应量；利率 |
| DOI： |
| 分类号:F822.1 |
| 基金项目: |
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| Learning from the Past：Transformation of China’s Monetary Policy Framework in the International Perspective |
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WEN Bin1，LI Xin21,2
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1.（1.China Minsheng Bank;2.Research Institute,China Minsheng Bank）
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| Abstract: |
| Abstract：In recent years,the deep adjustment of China’s monetary policy framework has gradually begun.The monetary policy framework consists of a monetary policy objective system,as well as the transmission mechanism,policy rules,and policy tools to achieve this objective system.Based on the differences in the main intermediary targets,monetary policy frameworks can be roughly divided into quantity based frameworks and price based frameworks.After World War II,the monetary policy frameworks of various countries generally underwent a transformation from price based frameworks to quantity based frameworks,and then to price based frameworks.After the Subprime Crisis,many countries began to use both quantitative and price based monetary policy tools simultaneously. However,the foundation of the price based framework has not been shaken,and interest rate is still the core tool in various countries’ monetary policies.The Balance Sheet Operations are merely alternative policy tools when facing zero interest rate constraints.Combing through the transition history of various countries,it can be seen that the monetary policy objective is centered on maintaining price stability,and the quantitative intermediation objective is difficult to control and easy to exacerbate the volatility of market interest rates,and its measurement problem and deterioration of relevance to the economy are the important reasons for countries to give up the framework.Monetary policy transparency and credibility are crucial for expectation guidance,and quantitative tools can be used as a complement to price-based regulation in extreme cases.China should de-emphasize the focus on quantitative targets,focus on the role of interest rate regulation,and enhance the appropriateness and effectiveness of financial support for the real economy,so as to achieve a smooth transition of the monetary policy framework. |
| Key words: Key words：Monetary Policy Framework；Intermediary Target；Money Supply；Interest Rate |
