议浮动汇率制下货币政策的调节机理

IS-LM-FE模型作为开放经济条件下,分析财政、货币政策有效性的主要工具,强调商品市场,货币市场和外汇市场同时均衡时的利率和国民收入水平的决定。在当前中国经济出现偏热的情况下,央行实行的提高存款准备金率、加息、发行票据等紧缩性货币政策能否真正发挥作用值得探讨：认为要从长远的角度提高货币政策的有效性,关键在于汇率机制的进一步改革;实现利率市场化;优化外汇管理制度及其它相关配套政策。

Mechanism of Monetary Policy under Floating Rate System

As the main analysis tool on the efficiency of fiscal and monetary policy,IS-LM FE Modestresses the determination of interest rate and national income under the condition that the commodity market,money market and FX market are in equilibrium. Faced with the rapid economic development, the central bank takes the contracted monetary policy, such as rising the reserve rate, and interest rate, issuing the notes. However, the results deviate the expectation. Theis paper gives some recommendations that in the long run, it should gradually perfect the foreign rate regime, marketize the interest rate and optimize the foreign exchange management system.