What are the main criteria and objective conditions for selecting monetary policy intermediary indic

The intermediary index of monetary policy is between the ultimate goal and the operation index, which is the policy variable that the bank can achieve with a certain degree of accuracy through the operation and transmission of monetary policy, such as market interest rate, currency volume, credit scale and exchange rate. The selection of intermediary indicators must meet three criteria:

Measurability, ** banks can quickly obtain accurate data of these indicators and conduct corresponding analysis and judgment;

Controllable, these indicators can be affected by monetary policy in a short enough period of time, and change according to the direction and intensity set by the policy;

Relevance, which is closely related to the ultimate goal of monetary policy, can basically achieve the policy goal by controlling these indicators.

The intermediate index of monetary policy refers to the intermediate or conductive financial variables selected to achieve the goal of monetary policy, which are specifically divided into operational indicators and intermediary indicators. Operational indicators are policy variables that can be effectively and accurately achieved by banks through the operation of monetary policy tools, such as reserves, base money and other indicators. The intermediary index is between the ultimate goal and the operation index, which is the policy variable that the bank can achieve with a certain degree of accuracy after the operation and transmission of monetary policy, mainly including market interest rate and monetary volume.

The selection of monetary policy operation indicators and intermediary indicators should meet three criteria:

1.Measurability.

2.Controllability.

3.Correlation.

**Bank. There are three main criteria for selecting the intermediary target of monetary policy:

1.Measurability, central bank.

It is possible to make more accurate statistics on these variables, which are the intermediary objectives of monetary policy.

2.Controllability, the central bank can control the selected intermediary targets with a relatively high degree of confidence within the determined or expected range.

3.Correlation.

The variables that are the intermediary objectives of monetary policy are closely related to the ultimate goal of monetary policy.

The selection criteria for monetary policy intermediary indicators mainly include the following aspects:

Easy to measure: Intermediary indicators should be precisely measurable so that the central bank can keep abreast of changes in the money market in a timely manner.

Reflect the supply and demand of money: The intermediary indicators should be able to reflect the changes in the supply and demand of money, so that the central bank can achieve the goal of monetary policy by adjusting the supply and demand of money.

Forward-looking: Intermediary indicators should be able to ** the trend of economic changes so that the central bank can adjust monetary policy in a timely manner.

Stability: The intermediary indicators should be stable and not easily affected by short-term factors, so that the central bank can better grasp the long-term trend of the currency market.

Representative: Intermediary indicators should be representative of the economy as a whole and not be limited to a certain industry or sector.

In short, the selection of intermediary indicators of monetary policy should fully consider factors such as the measurement of indicators, reflecting the relationship between supply and demand of money, forward-looking, stability, correlation and representativeness, so that the central bank can better formulate monetary policy and achieve the goal of macroeconomic regulation and control.

Relevance, Immunity, Controllability, Measurability.

The intermediary indicator of monetary policy is between the ultimate goal and the operational index, and it is a policy variable that the bank can achieve with a certain degree of accuracy after the operation and transmission of monetary policy. It is generally believed that the selection of monetary policy operation indicators and intermediary indicators should have four basic requirements: measurability, controllability, correlation and anti-interference.

The monetary policy operation indicator is a policy variable that can be effectively and accurately realized by the bank through the operation of monetary policy tools. Operational indicators have two characteristics: directness and sensitivity, and generally speaking, operational indicators are controllable indicators within the banking system.

Classification of monetary policy instruments

1. General monetary policy tools refer to the three major policy tools adopted by the leading banks in developed countries for many years, namely the statutory deposit reserve policy, the rediscount policy and the open market business, which are mainly used to adjust the monetary aggregate and interest rate.

2. Selective monetary policy tools refer to a series of policy measures that banks have targeted to regulate and influence credit activities in certain special areas to regulate and regulate the amount of money, which are generally used selectively. It mainly includes consumer credit control, market credit control, real estate credit control, preferential interest rate, prepayment of import deposit, etc.

3. Other monetary policy tools, referring to direct credit control and indirect credit guidance. Direct credit control: It is to directly control the credit activities of financial institutions, especially commercial banks, by administrative order or other means.

The main means are: stipulating interest rate limits, adopting credit quotas, direct intervention, and stipulating the liquidity ratio of financial institutions.

Indirect credit guidance: This kind of tool is to borrow the status and prestige of the first bank to influence the credit business of financial institutions through non-coercive means to achieve monetary policy goals, including moral advice and window guidance.

Monetary policy. Measurability is not included in the selection criteria for intermediary and operational objectives.

The target of monetary policy refers to the bank.

The purpose to be achieved by taking measures to regulate money and credit. Monetary policy objectives can be divided into three levels, namely, the ultimate objective, the intermediary objective and the operational objective.

The ultimate goals include price stability, economic growth, full employment and balance of payments.

1. Stabilize prices.

Stabilizing prices is the People's Bank of China.

The primary objective of monetary policy, the central bank.

The price level is usually kept within a certain range. Price stability is a relative concept, which is to prevent inflation.

This prevents rapid fluctuations in general prices in a short period of time.

2. Full employment.

The so-called full employment means that it should be supplemented with a higher and stable level of employment. In the case of full employment, it is guaranteed that all those who are able and willing to participate in the workforce can find work under more reasonable conditions.

Full employment is based on the utilization of all available resources, but it is difficult to measure the utilization of various economic resources, so it is usually based on the employment level of the labor force, and full employment is said to have been achieved when the unemployment rate is equal to the natural rate of unemployment.

3. Economic growth.

The so-called economic growth refers to the gross national product.

Growth must be maintained at a reasonable, high rate.

4. Balance of payments.

The balance of payments is defined as a flat and slight surplus in all monetary revenues and expenditures of one country against other countries.

or a slight deficit.

The selection criteria for the intermediary target of the early monetary split policy are as follows:

**Banks use monetary policy tools to influence monetary variables such as interest rates or money supply first.

Through changes in these variables, the bank's policy tools indirectly affect the ultimate target variables such as output, business, prices, and balance of payments. Therefore, monetary variables such as interest rates or money supply are referred to as monetary policy intermediary targets.

1.The intermediary targets of monetary policy are the scale of bank credit, the supply of money, and long-term interest rates. The intermediary target is a very important intermediate link in the process of monetary policy, and it is also an important indicator variable for judging the strength and effect of monetary policy.

2.The ultimate goals of monetary policy include price stability, full employment, economic growth, balance of payments, and financial stability.

3.Operational goals are sometimes referred to as near-term goals. From the perspective of the whole process of monetary policy, the operation target is the closest to the policy tools of the bank, and it is the direct regulation object of the bank's monetary policy tools, and the controllability is extremely strong.

The selection of operational targets is also subject to criteria such as measurability, controllability, relevance, anti-interference, and adaptability.

Answer]: a, b, c

It is generally believed that there should be five criteria for the selection of monetary policy intermediary targets: measurability, controllability, relevance, and anti-interference, and it has good adaptability to the economic system and the financial system.

Answer]: b, c, d

Criteria for the selection of monetary policy intermediary objectives and operational objectives: Observability. This kind of indicator can observe the effect and implementation progress of the pre-goods currency policy, and the data reflecting this indicator can be obtained accurately and timely, which is convenient for quantitative analysis.

Controllability. That is to say, the first bank can control and adjust the selected intermediary objectives and operational objectives according to the policy intent, and it should be within the scope of the policy tools used by the first bank. Correlation.

This indicator has to be related to monetary policy.

Policy tools are closely related to the ultimate goal of monetary policy.