货币政策操作工具选择基准的理论分析

中央银行实施货币政策的过程就是运用操作工具实现政策目标的过程,为更好地实现既定的货币政策目标,中央银行应该依据一定的基准选择操作工具。中央银行选择操作工具的基准包括理论基准和实证基准,其中,前者包括外在性基准和内在性基准。内在性基准是其日常操作中最重要的选择基准,它又有主动性基准、微调性基准、信号功能基准、时效性基准和可操作性基准等内容。

Theoretical Analysis of the Benchmark for Choosing Manipulative Instruments of Monetary Policies

The process of implementing monetary policy by the Central Bank is that of taking the advantage of the manipulative instruments to reach the goals of policy so the Central Bank should choose the manipulative instruments according to certain benchmark so as to reach its goals better. The benchmark of choosing instruments of monetary policy by the Central Bank include theoretical benchmark and empirical benchmark. The theoretical benchmark consist of external and internal benchmark. Internal benchmark are the most important benchmark for daily operation, which include initiative benchmark, fine-tuning benchmark, signal-functioning benchmark, timeliness benchmark, and operablity benchmark.