2003年底以来,随着基金公司产品创新活动的不断深入,货币市场基金(Money Market Funds,MMF)开始在我国出现,并获得投资者的广泛认可,但是依据其在美国的发展经历,货币市场基金会干扰货币政策的执行效果。本文试图从货币层次、信贷政策、加息等三方面分析美国货币市场基金的操作经验,为改进我国现行货币政策提供借鉴。 Since the end of 2003, with the deepening of product innovation activities of fund companies, Money Market Funds (MMF) began to appear in our country and was widely recognized by investors. However, based on its experience in the United States, the money market funds Will interfere with the implementation of monetary policy effect. This article attempts to analyze the operational experience of the United States money market funds from the monetary level, credit policy, interest rates and other three aspects, to provide reference for the improvement of China’s current monetary policy.