【摘要】 本文认为,货币政策的目标,受制于现行经济与货币管理体制。通货膨胀与经济增长之间,不存在定量的互换关系。近年来,我国货币调控实际上采取的是被动权变方式,是非理性的,它造成了货币政策操作的高成本。我国货币供给量具有强烈的内生性,但内生的特点又与西方经济有许多不同。改革过程中,货币政策的对抗性因素正在逐步增多。货币调控走向理性的根本出路在于深化改革,但是,中央银行的独立性只能逐步增强。当前,应寻求宏观经济政策的一贯性,在下放审批权的同时严格投资规模控制,使货币供给稳定增长。更多还原

【Abstract】 This article holds that the goal of monetary policy is depended on the present economic structure and monetary management system. There is not a fixed exchange relation between inflation and economic growth. In recent years, China’s monetary adjustment actually used the passive mode, which was not rational and has cost high in implementing monetary policies. China’s monetary supply has different features from the Western economy. In the course of reform, the contradictory factors of monetary policy are increasing. The key to have rational monetary adjustment is deepening reform. But the independence of the central bank should be strengthened gradually. At present, we should seek the consistency of macro economic policies, strictly control investment scale while transter approving power to lower levels so as to make the monetary supply grow stably.更多还原