欧洲中央银行货币政策有效性研究

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1、学校编码：10384学号：B200009009魔n文鼍Y103207分类号——密级——UDC博士学位论文欧洲中央银行货币政策有效性研究StudyontheEffectivenessofMonetaryPolicyofEuropeanCentralBank傅丽指导教师姓名：陈亚温教授廖少廉教授专业名称：世界经济论文提交日期：2006年4月论文答辩时间：2006年6月学位授予日期：2006年月答辩委员会主席：评阅人：2006年4月AbstractTheeffectivenessofmonetarypolicyofCentral

2、BankalwaysbecomesthefocusofthemanygovernmentsandEconomists．TheEuropeanCentralBank(ECB)，differentfromtraditionalCentralBank，isnotasymbolofasovereignofacountry,butisatypicalsupra-organization．Therefore，theeffectivenessofmonetarypolicyofECBisdrawingmuchattention．Asag

3、reatbeginning，ECBhasnotanypreviousexperiencetoreferto．Soitisinevitablethatpeopleworry,questionanddisputeonthesinglecurrencyandthemonetarypolicyofECB．Then，thetheoreticalandempiricalanalysisoftheeffectivenessofmonetarypolicypracticeofECBisvaluable．Tiffsisjustthethem

4、eofthethesis．Thestudyisdividedintotworespects：theoryandpractice．Itincludesfourpartseightchapters．Firstofall，thepaperstudiesthetheoriesabouttheeffectivenessofmonetarypolicyofcentralbankandpresentsadetailedliteraturereview．Themostbasicconclusionisthatthemonetarypoli

5、cyiseffectiveandtheeffectivenessislimited．Thisisjustthebasisoftheoryforthethesis．Secondly，thethesisexaminestheeffectivenessofmonetarypolicypracticeofECBfromtworespects：externalandinternalconditionsforachievingeffectivemonetarypolicyofECB．Theconclusionsaboutexterna

6、lconditionsare：(1)IndependenceofECBisstronginlegalsense；(2)AccountabilityofECBappearsweak；(3)MonetaryPolicyofECBandFiscalPolicyoftheMembersarenotharmonized．Theconclusionsaboutinternalconditionsare：(1)ResultofmonetarypolicyenforcementofECBdeviatesfromthefinaltarget

7、foritsdouble-target(eventhoughthedeviationsarenotlarge)，anddeviatesfromtheintermediarytargetforitstwo—pillarstrategy；ButoperationtargetofmonetarypolicyofECBpresentstangibleresultowingtoitsdirectnessandcontr01．(2)ECBtakesflexibleandvariedpolicyinstrumentsoastoensur

8、etheeffectiveness．(3)ECBemploysdoubletracktransmissionmechanismsothatitpolicytransmissionpossessflexibility,buttheeffectivenesswillbediscountedbecauseth