中介指标

货币政策的传导机制是货币政策影响中介指标，进而对总体经济发挥作用的机能。

Transmissionmechanism of money policy is function that method of money policyinfiuence intermediate targets and then the whole body of economy .

中介指标一般包括利率、货币供应量。

The intermediate target includes interest rate and money supply .

货币政策中介指标与经济增长的关系研究

The Research on the Relationship of Monetary Policy Medi-index and Economic Growth

从这个角度而言，均衡汇率只是一个中介指标，我们最终需要的是通过实际汇率的均衡来达到整体经济的均衡。

What we ultimately needed is to achieve the overall economic balance through the exchange rate .

第一部分简单回顾了货币政策中介指标的相关理论和历史演变；

Part one reviews the relevant theories and historical development of intermediate target of the monetary policy briefly ;

因此，目前还不宜放弃货币供应量作为货币政策的中介指标。

Therefore , it is not wise to give up money supply as the intermediate target of monetary policy in recent years .

如何选择货币政策操作规范应该取决于货币政策目标和货币政策中介指标。我们只有将这三者作为一个整体来分析，才能有针对性地解决货币政策操作规范的选择问题。

How to choose the operational guidelines of monetary policies should depend on the targets and the intermediate indexes of monetary policies .

货币政策传导机制是中央银行运用货币政策工具影响货币政策中介指标，并最终影响既定产出和价格目标的传递途径和作用机理。

Monetary transmission is the mechanism of how central bank use monetary policy tools to influence monetary policy intermediate targets and , ultimately , output and price targets .

本文利用隐性失业水平为中介指标，探讨目前辽宁真实失业水平和经济发展的关系。

This article uses GDP , the number of employment and other data , considering the hidden unemployment , to explore the relationship between economy and real unemployment .

相对于货币供应量等中介指标，一般性货币政策工具是中央银行直接可控的，主要包括存贷款基准利率、法定存款准备金率和公开市场操作。

The general monetary policy tool is directly controlled by the central bank . And the monetary policy tool is including interest rate , reserve ratio and open market operations .

货币供应量和信贷指标具备中介指标的要求，仍然是货币政策重要的中介指标。

The quantity of money supply and credit target is in accordance with the requirement of intermediate target , and therefore they are still the important intermediate target of monetary policy .

货币供应量是否适宜于继续作为我国货币政策中介指标可以从指标的可测性、可控性、相关性等方面具体分析。

Such specific analysis as the measurability , controllability and relativity can be made to tell whether the money supply will continue to serve as the medium goal of the monetary policy of China .

因此，我国目前的货币政策应将单一目标改变为多重目标，调整中介指标，选择以公开市场业务为主的政策工具，考虑股票市场因素。

Therefore , monetary policy in China at present should have multiple targets instead of single target and adjust intermediate goals , choosing open market operation as its main policy instrument and taking stock market into consideration .

因此，在整个货币政策传导机制中，人民首先就要控制住基础货币及其主要来源，这样才能进一步通过货币乘数影响货币政策中介指标。

Therefore , in the monetary policy transmission mechanism , and the people we must first control the monetary base and its main sources , so as to further intermediary indicators of monetary policy through the money multiplier .

由于传导渠道是政策工具联结中介指标以实现政策主体最终目标的线路，所以传导渠道的有效性决定着货币政策的有效性。

As the transmit channel is the route that the policy tools have an effect on the intermediate target and achieve the final objective of the policy-makers , the effectiveness of the transmit channel determines the effectiveness of monetary policy .

在得出货币供应量目标制有效性较弱结论之后，又针对我国的具体情况探讨了未来我国货币政策中介指标的取向。

After drawing the conclusion that the validity of money supply goal has become weaker , it probed into the orientation of intermediate target of our country 's monetary policy in the future according to the detailed conditions of our country .

货币政策是国家调控宏观经济的重要手段，它是由政策调控主体运用政策工具来实现既定的货币政策目标。这其中既涉及货币政策的传导渠道，也与中介指标的选择有关。

Monetary policy is an important means of macroeconomic control , and both the transmit channel and the selection of the intermediate target of the policy make sense as the policy is implemented and has an effect on the the real economy .

中国复杂的经济环境决定了货币政策的多目标，同样决定了货币政策传导机制的多渠道和多中介指标，因此货币政策工具也与外国货币政策工具有别。

The complicated economic environment of China has decided that its monetary policy is multi-targeted . It also decides that the conduction mechanism of monetary policy is multi-channeled and multi-intermediate target , therefore the monetary policy tool is different from that of foreign countries .

但随着时间的推移，由于经济环境发生了巨大的变化，货币政策的实施效果开始受到越来越多的质疑，货币供应量是否适合继续充当中介指标也受到了广泛的关注。

But as time goes on , because the economic environment has changed enormously , the implementing effect of monetary policy has been queried more and more , so whether money supply is suitable for acting as the intermediate target sequentially receives extensive concerns .

2006年以来我国通过调整存款准备金率对经济形势进行调控，在我国货币政策的中介指标中，国债利率非常重要，并且是基准利率之一。

Since 2006 our country has regulated the economic situation through frequently using the monetary policy , particularly adjusted deposit-reserve ratio , the national bonds interest rate which is one of our country benchmark interest rates is one of very important intermediary targets of our country monetary policy .

尽管这些方法可以在许多真实网络中得到有意义的社团结构，但是由于中介度指标的计算复杂度太高从而限制了它们在大网络上的应用。

Although these methods can find meaningful communities , the computational complexity is too high to be applied to large networks .

而金融中介的BANK指标与贸易开放度不具有协整关系，在一定程度上表明，金融中介的风险分散功能的欠缺。

But BANK index and opening degree of trade are not correlation , in a sense , it shows the function of dispersing risk of financial intermediation is absent .

选取金融机构贷款余额与GDP的比值作为衡量金融中介发展的指标；城镇居民实际可支配收入与农村居民实际纯收入的比值作为衡量城乡收入差距的指标。

The ratio of the balance of financial institution loan to GDP is set as an index to measure the development of financial intermediations ; meanwhile , the ratio of urban residents ' spendable income to rural residents ' net income is used as the measure of income inequality .

随着我国经济和金融体制改革的不断深化，一些曾做为我国货币政策中介目标的指标或已取消，或已不适用。

Along with deepened reform of Chinas economy and financial regime , some previous monetary intermediary targets have been abolished or become not adoptable .