对货币政策框架转型和利率调控机制改革的思考-清华大学五道口金融.PDFVIP

研究报告 （2018 年第 16 期总第 47 期） 清华大学国家金融研究院 2018 年5 月 27 日 对货币政策框架转型和利率调控机制改革的思考1 金融与发展研究中心 马 骏 我国利率市场化改革已经取得了巨大的成就。下一步，作为我国 宏观经济治理体系和治理能力现代化的一个重要内容，应该加快推动 货币政策调控从数量型向价格型转变，建立以政策利率为中介目标的 货币政策框架，疏通利率传导机制，理顺货币政策与宏观审慎监管之 间的关系，形成适应市场化、专业化、国际化要求的货币政策调控机 制和利率体系。本文对我国货币政策框架转型所面临的问题和挑战进 行了分析，提出了我国货币政策框架转型的中期目标和未来几年的应 该推动的具体改革措施。 1本文为中国金融四十人论坛课题报告 《利率市场化评估和货币政策框架转型》中由马骏执笔的第 五章。作者感谢管涛、张晓慧、李波、李斌、张漪、张翠微、郑志丹、林振辉、钟伟、Simon Gray、张建波、刘立男、冯思果等专家的意见和建议。作者对文中所有观点负责。 Research Report 2018-5- 27 edition TSINGHUA UNIVERSITY NATIONAL INSTITUTE OF FINANCIAL RESEARCH On the Reform of Monetary Policy Framework2 Center for Finance and Development MA Jun Abstract China has made significant progress on deregulation of interest rates. The next step of the reform is to accelerate the transition of monetary policy framework from a quantity-based to a price-based one. This requires designation of a policy rate as the intermediate target, improvement in interest rate transmission mechanism, and a clear relationship between monetary policy and macro- prudential policy. The current decision-making mechanism of monetary policy is identified as the key institutional challenge to the reform. Based on our analysis of the institutional barriers to effective central bank decision making, the paper puts forward the medium-term objectives of a new monetary policy framework, and makes specific recommendations on reform measures in the shorter- and medium-term. 2 This report is Chapter 5 of a study sponsored by China Finance 40 Forum on “Interest rat