开放经济视角下“混合货币政策”规则在我国的适用性研究^[1]

张都^[2]

摘要：本文通过构建开放经济环境下的动态随机一般均衡模型，探究中央银行施行兼顾货币数量与货币价格调控的“混合货币政策”规则在我国的适用性，并且对比了数量型货币政策规则、价格型货币政策规则以及“混合货币政策”规则在新时期下对我国宏观经济调控方面的优劣。研究结果表明：数量型货币政策规则有容易定量调控以及趋势性调控方面的优势，而价格型货币政策规则在宏观调控反应速度、反应幅度以及波动性调控方面效果较好。“混合货币政策”规则在实施过程中同时具有数量型调控与价格型调控的特点，并且通过量价之间的政策互补能够进一步规避单一政策调控过程中的缺陷，在应对经济体外生冲击能力方面有明显的优势。

关键词：DSGE模型 货币供给量 利率 “混合货币政策”规则

中图分类号：F113.3 文献标识码：A

Applicability of Mixed Monetary Policy Rules in China from the Perspective of Open Economy

Zhang Du

Abstract：By constructing a DSGE model in an open economy environment，this paper explores the applicability of the central bank’s “Mixed Monetary Policy” rules in China. And we compared the advantages and disadvantages of three different monetary rules in China’s macroeconomic regulation and control，which are quantitative monetary policy rule，the price monetary policy rule and the “Mixed Monetary Policy” rules. The results show that quantitative monetary policy is easily to be controlled and it has the ability to regulate economic trends，while interest rate policy rule has strong effects on macro-control response speed，response range and volatility regulation. The “Mixed Monetary Policy” rules has the characteristics of both quantitative regulation and price regulation in the process of implementation. The policy complementarity between quantity and price can further avoid the defects in the process of single policy regulation and control，and has obvious advantages in dealing with the external shocks of the economy.

Keywords：DSGE Model Money Supply Interest Rate “Mixed Monetary Policy” Rules