UNDER EXCESSР L IQUIDITY AND POL ICY CHOICEР FAN Zhi yongРР (School of Economics , Renmin University of China , Beijing 100872 , China)РР Abstract : Under t he situation of continuous dual surpluses , the contracting effect of monetary quantiРty instrument s can be off set by the increase of exchange reserves in quite a short time Hence interest rateРis of great importance to keep t he economy away from negative impact s of potential over hot Nominal inРterest rate should be adjusted in line wit h Taylor rule to keep t he economy stableР Key Words : excess liquidity ; quantity instrument s ; real interest rate ; Taylor ruleРРР 28
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