所属栏目:银行与金融机构/金融与宏观经济

泰勒规则在中国的实证检验及拓展
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发布日期:2008年05月03日 上次修订日期:2008年05月03日

摘要

内容提要:本文在介绍泰勒规则产生、内涵、发展的基础上,利用Lawrence模型将汇率因素引入,构建了开放经济条件下的前瞻性泰勒规则。实证结果表明:泰勒规则能够为中国货币政策提供一个很好的参照系;相对于物价稳定目标,央行更关注经济增长;将微观主体的预期和汇率因素引入到货币政策时,央行对利率的敏感性增强;继续推动利率和汇率体制改革能更有效地提高泰勒规则的解释力;“前瞻性泰勒规则”能提高中国货币政策透明度; Abstract: This paper introduce the origination、connotation and development of Taylor’s rule. On this basis, we then contrast the forward looking Taylor’s rule in an open economy by employing a model from Lawrence (1999).The empirical analysis indicates that: Taylor’s rule provides us a frame of reference in policy making; Central bank prefer “economic growth” to “price stability”; when considering the effect of public expectation and exchange rate, central bank pay more attention to price stability; exchange rate and interest rate regime reformation would increase the explanation of Taylor’s rule; the forward looking Taylor’s rule could enhance the transparency of monetary policy.
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陈奉先; 涂万春 泰勒规则在中国的实证检验及拓展 (2008年05月03日) http://www.cfrn.com.cn/lw/12049

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