Abstract: By generally analyzing the propagation mechanism of our monetary policy,this paper shows that financial system accommodating to original planned economy is the main source to low efficiency of monetary policy when the real economy has made great structural changes.While our monetary policy changing from direct control to indirect control,monetary policy efficiency can be assured only if all the compositions of organization propagation be reformed.

Key words: monetary policy, propagation mechanism, direct policy tool, indirect policy tool

摘要： 本文通过对我国货币政策传导机制的全面分析,认为在实体经济发生根本性的结构变化之后,与原有计划经济相适应的金融体制是造成货币政策低效的主要原因。

关键词: 货币政策, 传导机制, 直接政策工具, 间接政策工具