policy is to control base money. Monetary policy should continue to be effective, if central bank adjusts its operating target to interest rate. The development of electronic money in our country will increase the effect of monetary policy in the short run, because the decrease of cash-deposit rate and excess reserve rate will result in the increase of monetary multiplier. The effect of quantity target control will be eliminated in the long run, as a result, we should adjust the operating target to interest rate as early as possible.
Key words: Electronic Money Monetary Policy Base Money
主要 参考 文献 ：
[1] Benjamin M. Friedman, Decoupling at the Margin: The Threat to Monetary Policy from the Electronic Revolution in Banking, International Finance, Oct.2000
[2] Michael Woodford, Monetary Policy in a World Without Money, NBER Working Paper No.7853, Aug.2000
[3] Benjamin M. Friedman, The Future of Monetary Policy: The Central Bank as an Army with a Signal Corps? NBER Working Paper No.7420, Nov.1999
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