China’s Instrument Rules and Targeting Rules of Monetary Policy:A Comparative Empirical Study in the Context of“Multi-tool,Multi-objective”
基于1994-2011年中国宏观数据，比较五种货币政策工具规则，发现市场利率规则最优但不稳定，建议央行不采用单一规则。
China's monetary policy has been facing the reality of multi-tool,multi-objective.For this reason, this paper compares the five different instrument rules of monetary policy empirically based on a generalized forward -looking reaction function model using of China's macro-data of 1994Q1-2011Q4.Each instrument rule implicit the four famous policy objectives.The empirical results show that the five rules are all facing a dilemma of trade-off and that the market interest rate rule is the best but are not stable inherently.Thus,in the multitool, multi-objective context,China's central bank should not adopt a single monetary policy rules.Finally, this paper proposes the corresponding policy recommendations.