货币政策中介指标

货币政策中介指标与经济增长的关系研究

The Research on the Relationship of Monetary Policy Medi-index and Economic Growth

第一部分简单回顾了货币政策中介指标的相关理论和历史演变；

Part one reviews the relevant theories and historical development of intermediate target of the monetary policy briefly ;

2006年以来我国通过调整存款准备金率对经济形势进行调控，在我国货币政策的中介指标中，国债利率非常重要，并且是基准利率之一。

Since 2006 our country has regulated the economic situation through frequently using the monetary policy , particularly adjusted deposit-reserve ratio , the national bonds interest rate which is one of our country benchmark interest rates is one of very important intermediary targets of our country monetary policy .

随着我国经济和金融体制改革的不断深化，一些曾做为我国货币政策中介目标的指标或已取消，或已不适用。

Along with deepened reform of Chinas economy and financial regime , some previous monetary intermediary targets have been abolished or become not adoptable .

因此，目前还不宜放弃货币供应量作为货币政策的中介指标。

Therefore , it is not wise to give up money supply as the intermediate target of monetary policy in recent years .

货币政策的传导机制是货币政策影响中介指标，进而对总体经济发挥作用的机能。

Transmissionmechanism of money policy is function that method of money policyinfiuence intermediate targets and then the whole body of economy .

货币供应量是否适宜于继续作为我国货币政策中介指标可以从指标的可测性、可控性、相关性等方面具体分析。

Such specific analysis as the measurability , controllability and relativity can be made to tell whether the money supply will continue to serve as the medium goal of the monetary policy of China .

如何选择货币政策操作规范应该取决于货币政策目标和货币政策中介指标。我们只有将这三者作为一个整体来分析，才能有针对性地解决货币政策操作规范的选择问题。

How to choose the operational guidelines of monetary policies should depend on the targets and the intermediate indexes of monetary policies .

货币政策传导机制是中央银行运用货币政策工具影响货币政策中介指标，并最终影响既定产出和价格目标的传递途径和作用机理。

Monetary transmission is the mechanism of how central bank use monetary policy tools to influence monetary policy intermediate targets and , ultimately , output and price targets .

货币供应量和信贷指标具备中介指标的要求，仍然是货币政策重要的中介指标。

The quantity of money supply and credit target is in accordance with the requirement of intermediate target , and therefore they are still the important intermediate target of monetary policy .

在得出货币供应量目标制有效性较弱结论之后，又针对我国的具体情况探讨了未来我国货币政策中介指标的取向。

After drawing the conclusion that the validity of money supply goal has become weaker , it probed into the orientation of intermediate target of our country 's monetary policy in the future according to the detailed conditions of our country .

因此，在整个货币政策传导机制中，人民首先就要控制住基础货币及其主要来源，这样才能进一步通过货币乘数影响货币政策中介指标。

Therefore , in the monetary policy transmission mechanism , and the people we must first control the monetary base and its main sources , so as to further intermediary indicators of monetary policy through the money multiplier .