货币政策有效性与我国现阶段宏观调控

货币政策在我国宏观调控中将逐步居于主导地位,其有效性关系到国家宏观经济的平稳运行。面对新一轮的宏观经济过热,持续的紧缩性货币政策虽然在宏观经济调控中发挥了重要作用,但由于受到微观主体超乐观预期、固定资产投资增长过快、流动性过剩、各项宏观政策相互牵制与冲突等诸多因素的制约,调控经济的效率并不高。基于当前的复杂形势和国际惯例,应当采取以货币政策为主,外贸、汇率、财政和金融监管等多种政策为辅的协调性调控措施来稳定宏观经济的运行。

The Effectiveness of the Monetary Policy and the Macro-control at the Current Stage of China

The monetary policy will gradually become dominant in the macro-control in China.Its effectiveness is related to the smooth operation of the macro-economy in China.Faced with a new round of macroeconomic overheating,a continuing tightening policy has played an important role in the macro-control.However,due to the constraints of many factors,such as the micro subjects' super-optimistic expectations,over rapid growth of fixed assets' investment,excess liquidity,and the mutual restraints and conflicts of macro-economic policies,the efficiency of the macro-control is not high.Based on the current complicated situation and the international practice,we should rely mainly on the monetary policy supplemented by the trade policy,the exchange rate policy,the fiscal and financial policy supervision so as to stabilize the operation of macro-economy.