【摘要】 贷款市场报价利率LPR改革作为疏通货币政策传导路径的关键手段，最大特点是引入中期借贷便利(MLF)作为“利率锚”。以LPR新机制改革为切入点，运用OLS、TVP-VAR模型验证以MLF为“利率锚”的有效性，构建VAR模型探究市场化“利率锚”的最优选择问题。结果表明：LPR新机制下从贷款基准利率到MLF政策利率的“换锚”改革仅仅实现初步市场化，“利率锚”的市场化程度对货币政策传导作用尤为重要；从基准性和稳定性两个方面比较分析Shibor、Repo和DR 007三种备选利率，确定DR 007为市场化“利率锚”的最优选择，加深“利率锚”市场化程度，提高货币政策利率传导机制有效性，促进实体经济发展。更多还原

【Abstract】 The reform of LPR formation mechanism is regarded as a key means to unclog the transmission of monetary policies, and the most prominent feature is the introduction of medium-term lending facility(MLF) as an “interest rate anchor”. A new mechanism reform of LPR is taken as the starting point, the OLS and TVP-VAR model is used to verify the effectiveness of MLF as the interest rate anchor, and the VAR model is constructed to explore the optimal choice of the market-oriented interest rate anchor. The results show that under the new LPR mechanism, the “anchor change” reform from the loan benchmark rate to the MLF policy rate has only achieved a preliminary marketization, and the marketization degree of the interest rate anchor is particularly important to the transmission of monetary policies. By comparing and analyzing the three alternative interest rates of Shibor, Repo and DR 007 from the aspects of benchmark and stability, DR 007 is taken as the optimal choice of the market-oriented interest rate anchor, so as to deepen the marketization degree of the interest rate anchor, improve the effectiveness of the interest rate transmission mechanism of monetary policies, and promote the development of real economies.更多还原