关键词: 货币政策, 调控取向, 量价转型, 拟合效果

Abstract: On the basis of a mixed-frequency test with the MF-VAR model on the relationship between monetary policy and macroeconomics, this paper employs a SV-TVP-FAVAR model to examine the effects of macroeconomic regulation and control with qualitative description and quantitative measurement. The results show that the orientation transformation of monetary policy regulation conforms to the stage objectives of the macro economy, that the conclusion of the quantitative measurement is consistent with that of the qualitative description, and that the quantitative measurement can reveal the weak changing trend of the regulation orientation, which has certain signal guiding effect. The quantity-price instruments under the same regulatory environment have the similar shock characteristics, and there is no shock heterogeneity. The regulatory effects of monetary policy under different regulatory environment are quite different. The Central Bank should conduct differentiated macroeconomic regulation by discretely employing the quantity-price instrument of monetary policy at different economic period, maximizing the macroeconomic effects of the monetary policy; it should give full play to the regulatory effects and the coordination effects of the quantity-price instrument of the monetary policy in accordance with the different objects of the macro economy, so as to achieve the long-term steady growth of the macro economy; and it should fully utilize the pricy-type instrument, primarily policy interest rate, to regulate macroeconomic operations, give full play to the pre-adjustment and fine-tuning effects of price-type instruments, and strengthen the counter-cyclical adjustment, so as to guide China's economy to a high quality development.

Key words: monetary policy, regulatory orientation, quantity-price transformation, imitative effect