利率走廊、利率稳定性和调控成本

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摘要 20世纪80年头以后,发达国务的和少数中间收益国务的的钱币保险单操纵有木架的都达到了从钱币输出量为平均目的向以利率为平均目的的有木架的构象转移。在此课程中和后来,多的国务的采取了显性的或隐性现象的利率走廊。本文准备几何原理做模特儿来提出异议利率走廊的传动机构。研讨发展:(1)利率走廊操纵可以较比灵验地指导者集市预支,贬值集市利率动摇;(2)利率走廊可以增加集市对流体的的“囤货性必要条件”,到这地步贬值央行睁开集市操纵本钱;(3)最优利率走廊宽度的设定要复杂的思索钱币集市利率敏感度、作调节本钱、表面重击声的频率和黄纬等因子。文字以为,我国在向新的钱币保险单有木架的的课程中也应准备利率走廊机制,贬值短期利率的动摇性,前进集市认知度和不远的将来保险单利率证明人,为利率的无效组织提出鉴于。
关键词: 利率走廊 
利率不变 
作调节本钱 
贷款适当的器 
  
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 比率。 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 重击声。 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 provide a foundation for the effective transmission of the policy 速率。
Key words: Interest Rate Corridor
   Stability of Interest Rate
   Operating Cost
   Lending Facility
档案:  徐穆虹,中国1971人民将存入银行研讨局,电子邮件:nmuhong@。张丽娜,中国1971人民将存入银行筑研讨所博士后。张翔,中国1971人民将存入银行筑研讨所博士后。
援用本文   
徐穆虹, 张黎娜, 张翔。 利率走廊、利率不变性和作调节本钱[J]. 筑研讨, 2017, 445(7): 16-28.

NIU Muhong, ZHANG Lina, ZHANG 项。 Interest Rate Corridor,Stability of Interest Rate and the Operating Cost. Journal of Financial Research, 2017, 445(7): 16-28.
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