【作者】 赵海琦；

【导师】 秦志宏；

【作者基本信息】 内蒙古大学 ， 政治经济学， 2004， 硕士

【摘要】 货币政策的有效性是一个重大的理论问题，也是一个重大的实践问题，中西方学者对该问题的争论和研究从未停止过。在开放经济下，全球性的金融自由化、金融国际化和金融创新浪潮深刻地改变了各国货币政策实施的环境，对货币政策的效力产生了重大影响，使货币政策对经济的影响更加复杂和不可确定。 理论和实证研究表明，开放经济条件下货币政策的效果应该比在封闭经济条件下更为明显。而近几年，中国的货币政策在刺激经济、缓解通货紧缩压力方面的效果并不显著。这除了有国内因素的制约外，开放的经济环境对货币政策的影响也是不容忽视的。从中国特定的经济金融环境来看，开放经济条件下内外均衡冲突制约着货币政策有效性。而内外均衡冲突的根源在于汇率制度的僵化和本外币政策的冲突，而且开放经济下资本流动的加快也督促我们重新进行政策抉择。 在经济开放的大趋势下，西方各国相继对本国货币政策进行了重大调整。我们应借鉴国外经验，对我国的货币政策框架进行重新探讨，对货币政策目标、中介变量、工具选择、传导机制等诸方面进行必要的调整，并逐步加强金融市场的建设，协调汇率政策与利率政策，参与国际货币体系的建设和改革，从而增强我国货币政策的有效性。更多还原

【Abstract】 The effectiveness of monetary policy is an important issue of combination of both theory and practice. The arguments and researches of Chinese and western scholars on this issue have never stopped. In the open economy system, Globally financial liberalization, financial internationalization and financial innovation have greatly changed the environment that the monetary policy is based on. These factors have great influence on the effect of the monetary policy .The influence on economy become complicated and uncertain.The theoretical and practical researches show that the effect of monetary policy in the open economy should be more obvious than that in the closed economy. But in the last years, the effect of Chinese monetary policy on stimulating economy and alleviating the pressure of deflation is not remarkable. Besides the domestic restrictive factors, the influence of open economic environment on monetary policy should not be ignored. From the analysis of Chinese certain economic and financial environment, the internal and external equilibrium conflict restricts the effectiveness of monetary policy. The internal and external equilibrium conflict lies in the rigidity of the exchange rate system and the inconsistency of home and foreign currency policies. And the quickening of capital flow also urges us to make a new choice on policies.On the general trend of open economy, The west countries have adjusted their monetary policies in succession .we should learn their successful experience , probe into the framework of monetary policy again and make a new choice on the ultimate goals?intermediate targetS? instruments and transmission mechanism of monetary policy, gradually construct Chinese financial market , harmonize the policy of exchange rate and monetary policy , and take part in the construction and reform of international monetary system , then bring the effect of monetary policy into full play.更多还原