本文選題：數(shù)量型貨幣政策工具 + 價(jià)格型貨幣政策工具��； 參考：《山西財(cái)經(jīng)大學(xué)》2014年碩士論文

【摘要】：各國經(jīng)濟(jì)的健康發(fā)展與貨幣政策的制定緊密聯(lián)系，而其中貨幣政策工具選取是否恰當(dāng)影響著貨幣政策效果的實(shí)施，貨幣政策工具的效應(yīng)問題，引起了學(xué)術(shù)界的廣泛討論。在此背景下，結(jié)合經(jīng)濟(jì)運(yùn)行現(xiàn)狀，對不同貨幣政策工具進(jìn)行分析，對于我國根據(jù)宏觀經(jīng)濟(jì)制定貨幣政策、推進(jìn)市場化進(jìn)程、金融改革等方面具有重要的意義。 本文首先對貨幣政策從理論層面進(jìn)行闡述。分析了貨幣政策的相關(guān)理論，重點(diǎn)分析了數(shù)量型貨幣政策工具和價(jià)格型貨幣政策工具的政策效果和制約因素；其次介紹了各貨幣政策工具在我國的具體運(yùn)用，并進(jìn)行了簡要的分析；隨后考慮到研究數(shù)據(jù)的有效性以及可得性，兼顧我國實(shí)際情況下貨幣政策的可操作性，本文以法定存款準(zhǔn)備金率和一年期貸款基準(zhǔn)利率作為數(shù)量型和價(jià)格型貨幣政策工具的代表，采用1998年到2013年的季度相關(guān)數(shù)據(jù)，構(gòu)建VAR模型并通過脈沖響應(yīng)函數(shù)和方差分解技術(shù)對我國價(jià)格型貨幣政策工具和數(shù)量型貨幣政策工具的效果進(jìn)行了驗(yàn)證分析。實(shí)證結(jié)果表明，這兩種代表工具對貨幣供應(yīng)量、產(chǎn)出以及物價(jià)都會產(chǎn)生一定影響，對于產(chǎn)出和物價(jià)，利率工具的貢獻(xiàn)度高于存款準(zhǔn)備金率。利率比存款準(zhǔn)備金率指標(biāo)有更大的滯后期。最后，本文針對實(shí)證研究的結(jié)果，并結(jié)合目前我國宏觀環(huán)境和經(jīng)濟(jì)現(xiàn)狀，由此提出了增強(qiáng)數(shù)量型貨幣政策工具和價(jià)格型貨幣政策工具有效性的政策建議，優(yōu)化貨幣工具，并注重?cái)?shù)量型工具和價(jià)格型工具的搭配，靈活運(yùn)用，調(diào)控經(jīng)濟(jì)。 就在不久前，央行貨幣政策司司長張曉慧表示，中國貨幣政策將更有條件逐步增強(qiáng)以利率為核心的價(jià)格型工具的作用，，從偏重?cái)?shù)量型控制向更多運(yùn)用價(jià)格型調(diào)控轉(zhuǎn)換，本文從理論和實(shí)證分析了這兩類貨幣政策工具，對現(xiàn)實(shí)經(jīng)濟(jì)問題的認(rèn)識是一個(gè)適時(shí)地探索，具有重要的理論和現(xiàn)實(shí)意義。
[Abstract]:The healthy development of each country's economy is closely related to the formulation of monetary policy, and whether the choice of monetary policy tools can properly affect the implementation of monetary policy effect and the effect of monetary policy tools have aroused extensive discussion in academic circles. Under this background, it is of great significance for China to formulate monetary policy according to the macro-economy, to promote the marketization process, and to reform the finance by analyzing the different monetary policy tools combined with the current economic operation. At first, this paper expounds the monetary policy from the theoretical level. This paper analyzes the relevant theories of monetary policy, focuses on the policy effect and restrictive factors of quantitative monetary policy instrument and price monetary policy instrument, and then introduces the concrete application of each monetary policy tool in China. Then, considering the validity and availability of the research data, and considering the maneuverability of monetary policy in the actual situation of our country, This paper takes the statutory reserve ratio and the one-year benchmark interest rate as the representative of quantitative and price-oriented monetary policy instruments, using the relevant data from 1998 to 2013. The VAR model is constructed and the effects of price and quantitative monetary policy instruments are verified and analyzed by impulse response function and variance decomposition. The empirical results show that these two representative instruments have a certain impact on money supply, output and prices, and the contribution of interest rate instruments to output and prices is higher than the reserve ratio. Interest rates have a larger lag than the reserve ratio index. Finally, according to the results of empirical research, combined with the current macroeconomic environment and economic situation in China, this paper puts forward policy recommendations to enhance the effectiveness of quantitative monetary policy tools and price monetary policy instruments, and optimize monetary instruments. And pay attention to quantitative tools and price-based tools, flexible use, control of the economy. Not long ago, Zhang Xiaohui, director of the Monetary Policy Department of the Central Bank, said that China's monetary policy will be better placed to gradually enhance the role of price-based instruments with interest rates as the core, from focusing on quantitative control to making more use of price-based regulation and control. This paper analyzes these two kinds of monetary policy tools theoretically and empirically. The understanding of the real economic problems is a timely exploration, which has important theoretical and practical significance.
【學(xué)位授予單位】：山西財(cái)經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F822.0

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