On the Exit of Easing Money Policy in View of Monetary Policy Rules
用1997年至2009年的季度数据模拟麦卡勒姆规则和泰勒规则的理论货币供给值,与实际值对比,为宽松货币政策的退出时机和利率政策选择提供指导。
This paper compared the difference between the real value and the theoretical value of the money sup- ply which is computed by the original equality of the McCallum rule and the Taylor rule. The paper uses fifty- five seasonal data from the first season of 1997 to the second season of 2009 to simulate the value of McCallum rule, while the different starting point, which is the second season of 2004, is chosen in the process of simula- ting the Taylor rule. Based on the forecasting of the macroeconomic situation and the simulation of these two rules, the paper gives the guide about how to. choose the exit time of the Easing Money Policy and the suitable interest policy.