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现金赌博、利率稳定性和调控成本

分类:供应产品 作者:admin 来源:网络整理 发布:2019-04-19 11:23
  

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摘要 20世纪80年头以后,发达公务的和少数慢吞吞的支出公务的的钱币策略性买卖骨架构架都结束了从钱币出产量为培养基目的向以利率为培养基目的的骨架构架构象转变。在处理中和晚年的,数量庞大的数量庞大的公务的采取了显性的或隐性现象的现金赌博。本文创建几何学说模仿来表现现金赌博的工作机构。想出一下子看到:(1)现金赌博买卖可以较比有法律效力地引航员市情况盘算,降低质量市情况利率动摇;(2)现金赌博可以缩减市情况对变移性的“囤货性必要条件”,到这地步降低质量央行从一边至另一边市情况买卖本钱;(3)最优现金赌博宽度的设定要人工合成思索钱币市情况利率敏感度、规制本钱、表面冲锋的频率和振幅等素质。。文字以为,我国在向新的钱币策略性骨架构架的处理中也应创建现金赌博机制,降低质量短期利率的动摇性。,预付市情况认知度和不远的将来策略性利率的作为论据的事实,为利率的无效前进抚养依。
关键词: 现金赌博  利率波动  规制本钱  贷款使容易器    
Abstract: Since the 1980s, the monetary policy framework in developed countries and many middle-income countries has realized the transition of the intermediate targets from monetary aggregates to interest 值得。 During or after this transition, many countries adopted the interest rate 走廊。 This paper developed several theoretical models to describe the mechanism of interest rate 走廊。 We found that: (1) A interest rate corridor can reduce the market interest rate volatility by guiding market expectations more effectively; (2) a interest rate corridor can reduce the "hoarding demand" of market liquidity, and reduce the open market operating cost of central banks; (3) the optimal width of an interest rate corridor is a function of interest rate sensitivity, the policy operating cost, as well as the frequency and amplitude of external 冲锋。 We suggest that China should establish an interest rate corridor during the process of the monetary policy framework transition, in order to reduce interest rate volatility, enhance the market acceptance and benchmark of the policy rate in the future, and 抚养 a foundation for the effective transmission of the policy 速率。
Key words: Interest Rate Corridor    Stability of Interest Rate    Operating 本钱    Lending Facility
作者簡介:  徐穆虹,奇纳河人民库存想出局,电子邮件:NMUHUN@。张丽娜,奇纳河人民库存资金想出所博士后。张翔,奇纳河人民库存资金想出所博士后。
援用这篇文字   
徐穆虹, 张黎娜, 张翔。 现金赌博、利率波动性和规制本钱[J]. 资金想出, 2017, 445(7): 16-28.
NIU Muhong, ZHANG Lina, ZHANG 项。 Interest Rate Corridor,Stability of Interest Rate and the Operating 本钱. Journal of Financial Research, 2017, 445(7): 16-28.
联系在一起文字  
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