A Study on Monetary Policy Paradigm in the Opening Economy of China
分离了中国开放经济中货币政策的规则与相机抉择成分，发现相机抉择是主要操作方式，但模拟表明规则导向政策能显著降低经济波动，建议尽快转向规则导向。
There are two kinds of monetary policy operations:discretion and rules.This paper firstly separates the rules and discretion components from the monetary policy in the opening economy of China,and confirms the primary component that affects the economic fluctuations in monetary policy operation by Cholesky variance decomposition method.It is shown that in the opening economy,Chinese monetary policy operation is mainly based on discretion.Finally,the paper simulates dynamically Chinese monetary policies,and finds out that the rule-oriented monetary policy can greatly cut down the fluctuation of the real GDP growth rate,inflation rate and the nominal effective exchange rate.Therefore,the authors suggest that the discretion-oriented monetary policy operation should be transferred to rule-oriented one as soon as possible.