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First, the article introduces main theories of interest rate transmission mechanism in western countries, and then studies the actuality of the effect of interest rate transmission mechanism in China demonstratively. After that, based on the essential analysis of the efficiency about present transmission mechanism, the article discusses the factors that restrict and influence interest rate transmission mechanism of monetary policy in China, from microeconomic factors and macroeconomic environment respectively. Finally, the article puts forth the reformation target of monetary policy interest rate transmission mechanism and the corresponding innovation proposals to enhance the effect of the interest rate transmission mechanism in China.

本文在借鉴和吸收前人研究成果的基础上,采用了规范性研究和实证研究相结合的方法,构建了关于货币政策利率传导机制有效性研究的合理的分析框架:文章首先介绍了西方货币政策利率传导机制理论,着重分析了这些理论发挥作用的途径和模式;其次,通过各种数据分析了我国货币政策利率传导机制的现状;接着针对我国利率传导机制表现出的独特现象分别从微观因素和宏观环境两个层面研究了弱化其有效性的各种因素;最后,针对上述因素提出了加强我国货币政策利率传导效率的政策建议。

To emerge from this situation the government took steps to expand domestic demand and turned determinately from a moderately contractive monetary and fiscal policy to an active fiscal policy and a steady monetary policy.

这两次成功的宏观调控,使我国既积累了有效抑制通货膨胀,实现"软着陆"的经验,又创造了扩大国内需求,有效治理通货紧缩的经验。

This became a new factor obstructing economic growth. To emerge from this situation the government took steps to expand domestic demand and turned determinately from a moderately contractive monetary and fiscal policy to an active fiscal policy and a steady monetary policy. During 1998—2002 these policies were carried out with satisfactory results. Through the above two occasions of macro-economic adjustment and co-ordination, we accumulated useful experiences not only in combating inflation and in soft-landing, but also in acquiring a new understanding on how to expand domestic demand and deal with deflation.

以实现经济"软着陆"为主旨的1993-1996年的宏观调控,从整顿金融秩序入手,以适度从紧的货币政策为主,配合以相应的财政政策,辅之以必要的行政法律手段和组织措施,终于成功地避免了以往调控后出现的经济大起大落现象,在保持经济稳定增长的同时,有效地抑制了通货膨胀,实现了高增长、低通胀的"软着陆"目标。

There are many swordplay in monetary theory, these divarication should attribute to the conversion of monetary fuctions.

在今天,大量的金融创新、发达的网络支付系统,使货币理论必须跟随经济的这种变化,在新的经济条件下有更好的解释力。

The transmission mechanism of monetary policy is the important guarantee of the monetary policy s effectualness.

货币政策传导机制是货币政策有效性的重要保障。

Sixthly, although it is not proper to publicly enounce to set down our country's monetary policy according to the Taylor rule or McCallum rule, these rules can provide an effective guidance for our central bank to operate monetary policy.

六、虽然我国目前不宜公开宣称根据泰勒规则或麦卡勒姆规则来制定和实施货币政策;但是,这些规则可以为我国中央银行进行货币政策操作时提供一个较为有效的指导原则。

Alternatively and in conjunction with any collective exchange-rate arrangement, such as common-basket pegging, the countries involves should created open-ending short-term credit facilities like those of the European Monetary Cooperation Fund that backed up intervention in the European Monetary System.

二者择一地而且连同任何的集体兑换率安排,像是通常的-篮子钉木椿,国家包括应该产生开着的-结束短期的信用设备相似的那欧洲的货币合作的那些支持欧洲的货币系统的干涉基金。

Article 11If the exchange gain or loss of any monetary item formed by an intra-group transaction of an enterprise is unable to be fully offset in the consolidated statements, the foreign exchange risk of this monetary item may be designated as a hedged item in the consolidated financial statements.

第十一条企业集团内部交易形成的货币性项目的汇兑收益或损失,不能在合并财务报表中全额抵销的,该货币性项目的外汇风险可以在合并财务报表中指定为被套期项目。

Third, generalisation and demonstration of the robustness of the effects noted in this study require considering other monetary and non-monetary promotions, and replication in other utilitarian and hedonic products.

第三,就其他金钱和非货币的促进而论,作用的强壮的概念化和示范在这项研究中注意的要求和在其他功利主义和快乐产品的复制。

Yet Fisher laid the foundation for much of modern monetary economics; Keynes called Fisher the "great-grandparent" of his own theories on how monetary forces influenced the real economy.

凯恩斯在谈到他自己的货币数量如何影响实体经济的理论时称,费雪才是鼻祖。

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