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中国的实际状况决定了货币供应量已经不适合作为中国货币政策的中介目标,而利率市场化改革的不断推进说明货币政策中介目标由传统的货币供应量过渡至利率的条件逐渐成熟。在此背景下,本文验证利率市场化不同阶段利率规则在中国的适用性,并比较不同阶段的利率规则,验证随着利率市场化的深入利率传导机制的条件是否成熟。
The actual situation in China determines that the money supply is not suitable as an intermediary target for China’s monetary policy. The continuous promotion of marketization of interest rates shows that the conditions for transition of the monetary policy intermediary target from the traditional money supply to interest rates have gradually matured. In this context, this paper verifies the applicability of interest rate rules in different stages of the marketization of interest rates in China and compares the interest rate rules at different stages to verify whether the conditions for the in-depth interest rate transmission mechanism of interest rate marketization are mature.