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货币政策传导机制是实现货币政策目标的中介 ,也是货币政策实施和发生效应的过程。由于资本市场的交易活动现实地影响各类经济主体的金融行为进而影响某些重要的金融变量指标和宏观经济指标 ,因而其已成为央行在制定和执行政策时必须予以考虑的一个重要因素。从目前中国的现实来看 ,资本市场的出现和发展已经对货币政策的传导途径产生了深刻的影响 ,并直接制约着货币政策的实际效应。为了更有效地发挥资本市场的货币政策传递作用 ,提高货币政策的执行效果 ,我们应当采取积极措施 ,逐步完善我国资本市场的货币政策传导功能
The transmission mechanism of monetary policy is an intermediary to realize the goal of monetary policy and also the process of implementing and effecting monetary policy. Since the trading activities in the capital market have a real impact on the financial behavior of various economic entities and thus on some important financial variables and macroeconomic indicators, they have become an important factor that central banks must consider in formulating and implementing policies. From the current reality in China, the emergence and development of the capital market have had a profound impact on the transmission of monetary policy and have directly constrained the actual effect of monetary policy. In order to give full play to the role of capital market in the transfer of monetary policy and improve the effectiveness of monetary policy, we should take active measures to gradually improve the monetary policy in our capital market.