华东师范大学学报(哲学社会科学版) ›› 2003, Vol. 35 ›› Issue (5): 101-105.doi: 10.16382/j.cnki.1000-5579.2003.05.016

• 经济 社会 • 上一篇    

信息经济条件下货币政策有效性的理论研究

李亚新   

  • 收稿日期:2003-04-25 出版日期:2003-09-01 发布日期:2025-12-19
  • 作者简介:李亚新(1953-), 男, 山东德州人。中国人民银行济南分行副行长, 天津大学经济管理学院博士研究生

A Theoretical Study on Monetary Policy Effectiveness in Information Economy

Ya-xin LI   

  • Received:2003-04-25 Online:2003-09-01 Published:2025-12-19

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摘要：

信息时代的到来、信息加工能力的逐步提高及日趋减少的货币基础需求, 使得人们对货币政策的有效性与中央银行影响市场的能力产生了怀疑。实际上, 信息经济时代货币政策的传导机制及中央银行影响经济的方式已发生改变, 这时, 有效的预期引导或预期管理将是货币政策有效性的关键, 而不是单纯地控制货币数量; 并且, 货币基础需求的减少并不能削弱中央银行稳定经济的目标, 只不过目标的实现已转向控制短期利率的渠道机制。

关键词: 信息经济, 货币政策, 隔夜利率, 预期

Abstract:

With the coming of information age, the gradual improvement in information-processing capabilities and the demand reduction in money base are questioning the monetary policy effectiveness and the ability of the central bank to influence the financial market. In fact, the monetary transmission mechanism and the central bank's approach to the influence on whole economy have changed in the age of information economy. The expectation management or expectation channel will play an important role in carrying out an effective monetary policy, not merely controlling the money base. The demand reduction in money base can not impair the central bank's ability fundamentally, but the way to its stabilization objectives has changed into a channel system for controlling overnight interest rates.

Key words: information economy, monetary policy, overnight interest rate, expectation

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