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《Contemporary Finance & Economics》 2006-10
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Instruments of Monetary Policy and the Selection of Intermediate Targets:Research Based on the Legal Reserve Operation

HUANG An-zhong(Economic School of AHIU,Maanshan,243002)  
It remains controversial which financial variable is the best intermediate target of monetary policy,interest rate or monetary aggregate,.The research does not deal with the relations between instruments of monetary policy and the possible intermediate targets.An assumed premise in the research approach is that the relationship between intermediate targets and instruments of monetary policy is certain so that the intermediate targets are controllable.However,this study based on the analysis of reserve requirement indicates that although the relation between reserve requirement and monetary aggregate is certain,such certain relation does not exist between reserve requirement and interest rate,and that the uncertain relation between reserve requirement and interest rate comes from the uncertainty of IS curve's slope.The paper also indicates that interest rate is not suitable as intermediate target at present in China because the IS curve's slope is not steady.
【CateGory Index】: F820
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