摘要
文章主要从我国央行公开市场操作的发展趋向、影响公开市场操作对市场行为引导有效性的因素,以及我国公开市场操作提升有效性的改进等三个方面展开分析,并以美联储的货币政策操作和公开市场业务作为参照,以2005年我国汇率体制改革启动前后央行公开市场操作对债券市场的影响作为实证分析,论证了我国公开市场业务对市场行为的有效性、重要性和制约性,表明了我国公开市场操作在引导市场预期与央行调控意图一致性方面有明显提升。
This article mainly analyzes the effectiveness of open market operation of China＇s Central Bank＇s influence to market behavior from three aspects, including the trend, the main influence factors, and improvement of our open market operation. With the reference of Federal Reserve＇s monetary policy and its open market operation, we take the bond market behavior in 2005 as analysis sample, and find that our open market operation has been proved in its validity, importance and conditionality, which indicates our open market operation has been promoting its ability to uniform market anticipation with the central bank regulation intention.
出处
《财经研究》
CSSCI
北大核心
2006年第11期98-104,共7页
Journal of Finance and Economics
关键词
公开市场操作
市场行为
债券市场
货币政策
有效性
open market operation
market behavior
bond market
monetarypolicy
effectiveness
