CAJ | 학술논문

通过构建VAR模型，实证分析中国货币政策利率工具调控的数量效应和价格效应。结论显示：在市场流动性过剩的金融环境下，商业银行信贷规模对利率政策的敏感性增强，货币政策利率工具调控的数量效应有所扩大；由于短期“费雪效应”的存在，弱化了货币政策利率工具调控的价格效应；货币政策的数量型工具对抑制通货膨胀见效相对更快。因此，货币当局在金融调控中，需要根据经济发展的不同周期阶段和金融环境，合理搭配运用价格型和数量型货币政策工具，提高货币政策的调控效率和预期效应。
통과구건VAR모형，실증분석중국화폐정책리솔공구조공적수량효응화개격효응。결론현시：재시장류동성과잉적금융배경하，상업은행신대규모대리솔정책적민감성증강，화폐정책리솔공구조공적수량효응유소확대；유우단기“비설효응”적존재，약화료화폐정책리솔공구조공적개격효응；화폐정책적수량형공구대억제통화팽창견효상대경쾌。인차，화폐당국재금융조공중，수요근거경제발전적불동주기계단화금융배경，합리탑배운용개격형화수량형화폐정책공구，제고화폐정책적조공효솔화예기효응。
This paper build a VAR model to analyze the quantity and price effects of interest rate instruments in China . T he study found that in an environment of excess liquidity , bank credit scale becomes sensitive to interest rates , the quantity effects of interest based monetary policy widened . However ,since there is a short -term"Fisher effect",the price effects of the interest rate instruments are weakened .The quantitative tools are more advantages in controlling the general price level .In practice , the monetary authorities should be flexible with the use of price -based and quantity based monetary policy instruments according to the different stages of the economic cycle and different financial environment in order to achieve policy objectives .