关键词: 货币政策, 经济增长, 物价稳定, 杠杆率, 金融稳定

Abstract: Under the new situation， the use of “multi-tools” to regulate “multi-targets” has become a realistic choice for monetary authorities. This paper examines the choice of monetary policy regulation tools under the multi-targets of economic growth and price stability through the SV-TVP-FAVAR model. The results show that the effects of quantitative rules are better than those of the price-based rules. At different stages， the quantitative and price-based rules have different regulation advantages， and both quantitative and price-based rules face the dilemma of “attending to one thing and losing another” under “multi-indicators”. M2 is the optimal policy tool under the goal of price stability and leverage rate regulation， and R is the optimal policy tool under the goal of economic growth and financial stability. Further research shows that with the gradual advancement of the interest rate marketization reform there is a tradeoff effect between the quantitative and the price-based regulations.

Key words: monetary policy, economic growth, price stability, leverage rate, financial stability