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货币政策的意义在于货币当局通过改变一定的经济参数,达到影响实体经济活动的目的。货币政策传导机制描述了货币政策如何借助于货币政策工具来影响实体经济的变动及其实施影响所依赖的路径,它是货币政策有效发挥作用的基础。在大多数工业化国家,债券市场发达,能够比较灵敏、有效地传导中央银行的货币政策,因而成为中央银行实施货币政策操作的主要场所。而我国债券市场的发展相对滞后,中央银行的货币政策操作在债券市场遇到了阻碍。如何疏通货币政策的传导机制,提高债券市场的货币政策传导效率,是摆在我国中央银行面前的一个重要课题。
The significance of monetary policy lies in the monetary authorities through the change of certain economic parameters, to achieve the purpose of affecting the real economy. Monetary Policy Transmission Mechanism Describes how monetary policy can affect the real economy through its monetary policy tools and the path through which its implementation depends. It is the basis for effective monetary policy. In most industrialized countries, the developed bond market can transmit the central bank’s monetary policy more sensitively and effectively, and thus becomes the main venue for the central bank’s monetary policy operations. However, the development of China’s bond market lags behind and the monetary policy operation of the Central Bank has encountered obstacles in the bond market. How to clear the conduction mechanism of monetary policy and improve the transmission efficiency of monetary policy in the bond market is an important issue before our country’s central bank.