中文摘要：

货币政策变量间的作用强度是反映传导效率的关键指标。基于以货币供给为中介的传导框架，通过构建状态空间模型来研究货币政策内、外部传导系统关键变量问的弹性及其时变情况，我们发现，不同环节传导效率的变动趋势差异性大；存款准备金是效率最高的货币政策手段；货币供应量目前仍是中国货币政策中介的最优选择；货币政策对物价的调控低效等。通过HP滤波刻画变量状态表明，货币政策传导效率与政策状态没有必然联系。

英文摘要：

The strength of monetary policy variables is a key indicator of transmission efficiency. Based on the transmission framework with money supply as the intermediary and by using the state space model to carry out research on the elasticity and time variation of the key variables of the internal and external transmission systems of the monetary policy, we have come to the conclusion that there are great differences in the changes of the transmission efficiency of different links; that the bank reserve ratio is the most efficient monetary policy instrument; that money supply remains the best choice for the intermediary of China＇s monetary policy; that monetary policy is inefficient in regulating prices. The variables prepared by means of HP filter show that the transmission efficiency of the monetary policy is not necessarily related to the policy.