| 利率政策环境与央行货币政策选择 |
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| 引用本文：张 小 宇1，2.利率政策环境与央行货币政策选择[J].财经理论与实践,2018,(5):2-7 |
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| 中文摘要:央行的货币政策实施受货币政策环境制约，特别是实施价格型货币政策时，在不同的利率环境下央行可能选择不同的利率调控模式。为此，通过构建门限回归模型对货币政策调控模式与利率区制的相依性进行实证检验，结果发现：在不同的利率区制内中央银行的政策偏好和利率调控模式存在显著差异。在高利率区制，中央银行存在针对产出缺口调整名义利率的政策偏好；在低利率区制，中央银行则不存在这种政策偏好，低利率环境下货币政策效应弱化甚至失效是导致此区制中央银行不针对产出缺口调整利率的主要原因。 |
| 中文关键词:门限模型 利率区制 货币政策 调控模式 |
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| Monetary Policy Rules of the Central Bank and Interest Policy Environment |
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| Abstract:The implementation of monetary policy is conditioned on the monetary policy environment. In particular, when implementing price-based monetary policy, the central bank may choose monetary policy rules under different interest rate environments. Therefore, this paper constructs an empirical test on the dependence of the monetary policy rules and the interest rate regimes by constructing a three-regime threshold model. We find that there are significant differences in the central bank's policy preferences and monetary policy rules over different interest rate regimes. The central bank adjusts nominal interest rates for output gap in the regime where the nominal rate is high. However, the central bank doesn't adjust nominal interest rates for output gap in regime where the nominal rate is low. The main reason may be the failure of the effectiveness of monetary policy when the nominal rate is low. |
| keywords:threshold model rate regime monetary policy regulation mode |
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