摘要
本文估计并比较了不同货币政策工具给央行带来的成本,发现不同的货币政策工具的成本存在显著差异。提高存款利率和发行央行票据都会降低央行利润,给央行带来成本,尤其当考虑汇率变化时,利率的成本尤为突出。相比之下,提高存款准备金率的成本较小,对央行利润的影响并不显著。通过分析近年来央行货币政策工具的实际选择,我们发现央行在选择货币政策工具时会考虑到票据与美国国债的利差,这可能与成本问题有关。
In this paper we estimate the cost of different monetary policy instruments to China’s central bank and find significant differences in the cost of these instruments. Both raising benchmark interest rate and issuing notes would reduce central bank’s profit. Particularly, the cost of raising benchmark deposit rate is prominent when taking into account losses due to exchange rate variations. On the opposite, the cost of raising reserve requirement rate is relatively small, and its impact to profit is insignificant. Empirical results also revealed that central bank’s choice of policy instruments is dependent on Sino-US interest rate spread, which could be related with cost considerations.
出处
《浙江社会科学》
CSSCI
北大核心
2010年第2期40-45,共6页
Zhejiang Social Sciences
关键词
中央银行
货币政策
冲销操作
Central Bank, Monetary Policy, Sterilization Operation
