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The Monetary Policy Operating Rules of China in the Opening Economy
Author(s): 
Pages: 75-79,53
Year: Issue:  3
Journal: ASIA-PACIFIC ECONOMIC REVIEW

Keyword:  货币政策操作规则McCallum规则Taylor规则;
Abstract: 本文利用我国1994~2006年季度数据,分别对开放经济条件下的Tavlor规则和Mccal-lum规则进行了实证检验.结果表明,我国货币政策操作一直遵从McCallum规则,Tay-lor规则不适合我国国情.这意味着,如果经济结构不发生大的变化,就可以根据历史数据回归得到的McCallum规则的各种参数和通胀缺口、实际汇率、货币乘数、货币流通速度等变量的预期变化,测算出合理的基础货币增长率,这将为调控基础货币供给提供重要参照.
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