摘要
文章结合当前我国经济发展现状,选取2011—2019年相关变量月度数据,基于经济增长视角,围绕货币政策三个层次变量间的关系,构建多元线性回归模型,运用LS估计方法并依据逐步回归思想实证研究货币政策的有效性。根据实证研究结论,总结提出注重运用数量型货币政策工具、风险可控范围内适当下调存款准备金率、稳步推进利率市场化并适时调整存款基准利率以及加快货币政策工具创新以适应宏观调控需要,是经济新常态背景下增强我国央行货币政策有效性、提升金融资源配置效率、进而推动经济增长的重要举措。
Based on the current status of my country's economic development,this article selects monthly data of relevant variables from 2011 to 2019,based on the perspective of economic growth,and builds a multiple linear regression model around the relationship between the three levels of monetary policy variables,using LS estimation methods and empirical evidence based on the gradual regression thinking study the effectiveness of monetary policy.Based on the conclusions of empirical research,it is summarized and put forward to focus on the use of quantitative monetary policy tools,to appropriately lower the deposit reserve ratio within the risk-controllable range,to steadily promote the marketization of interest rates and to adjust the deposit benchmark interest rate in a timely manner,and to accelerate the innovation of monetary policy tools to meet the needs of macro-control.It is an important measure to enhance the effectiveness of my country's central bank's monetary policy,improve the efficiency of financial resource allocation,and further promote economic growth in the context of the new economic normal.
出处
《生产力研究》
2021年第10期127-131,F0003,共6页
Productivity Research
