货币政策中间目标

论货币政策中间目标的选择

The Choice of the Middle Target of Monetary Policy

我国货币政策中间目标选择的实证性研究

Empirical Study of China Intermediate Target of Monetary Policy

中国货币政策中间目标的演变及选择

The Evolvement and Selection of the Middle Goal of Our Country 's Currency Policy

重新修正和选择货币政策中间目标；

To correct and select the middle target ;

货币政策中间目标由信贷规模转向货币供应量，操作目标转向基础货币。

The intermediate target moved from credit ceiling into monetary supply , and the operational target moved from credit ceiling to base money .

第二章主要从银行、企业和居民三个方面就资本市场发展对货币政策中间目标的影响进行了分析，并简述了当今世界货币政策中间目标变化以及学者对我国货币政策中间目标的研究。

Chapter 2 mainly explain that the development of capital market affect the middle target of monetary policy from three aspects of bank , enterprise and resident , briefly express the change of middle target of monetary policy in current world and the research on it by our scholars .

根据收入方程式的增长率形式，作为货币政策中间目标的货币供应量增长率，主要取决于经济增长率、物价上涨率和货币流通速度变化率。

According to the rate of increase form of the equation of the income , money supply rate of increase which as monetary policy intermediate objective mainly is decided by the economic growth rate , rate of price rises and rate of change of speed of the monetary velocity .

货币政策的中间目标主要是货币供应量或利率。

The intermediate target of monetary policy mainly means money supply or interest rate .

中西货币政策目标及中间目标选择之异同

On the Similarities and Differences in the Choice of Currency Policy Targets and Intermediate Targets between China and the Western Countries

如果选择货币供应量作为货币政策的中间目标，则一个稳定的、可预测的货币需求函数是货币政策得以发挥作用的重要前提，因此它对于货币政策非常重要。

If it chooses money supply as the intermediate target , a stable and predictable money demand function is an important precondition for the effectiveness of such monetary policy . So this function is of vital importance to the policy .

但理论分析表明，中央银行不能同时选择货币供应量和利率作为货币政策的中间目标，二者只能选其一。

However , as the theoretical analysis shows , the central bank could not choose both money supply and interest rate as its intermediate targets at the same time . It must make a choice .

货币政策有效性的主要体现在货币政策中间目标和操作工具的选择上。

The effectiveness of monetary policy is mainly reflected in the choice of the intermediate target of monetary policy and operational tools .

货币需求的稳定性是中央银行以货币政策作为货币政策中间目标的前提条件。货币需求的稳定意味着货币流通速度的稳定。

The stability of money demand is the precondition for the central bank to take money supply as the intermediate object of the monetary policy , because a steady money demand means a steady velocity of money .

根据货币数量方程式，只有货币流通速度稳定，才能比较准确的预测货币政策中间目标一货币供应量的变动对货币政策的最终目标一物价与收入水平的影响。

According to the quantity equation of money , only with a steady velocity of money can the influence of the money supply-the intermediate object of monetary policy , over the level of price and income , which is the ultimate aim of monetary policy , be predicted .