开放条件下货币政策目标规则的比较——一个简单的理论框架与中国货币政策名义锚的选择  

The Comparison between Monetary Policy's Targeting Rule in Open Economics: a Simple Theoretical Framework and the Choice of Nominal Anchor in China

作　　者：王晓天 张淑娟[2] 

机构地区：[1]招商银行总行战略发展部,深圳518040 [2]广东外语外贸大学国际经贸学院,广州510420

出　　处：《金融研究》2007年第04A期14-29,共16页Journal of Financial Research

摘　　要：本文建立一个开放经济的两国模型比较不同的货币政策目标规则,在此基础上对中国双重隐性名义锚的情况进行分析。货币政策各种名义锚之间存在互斥性。在开放条件下,通胀目标制与汇率目标制和货币目标制相比具有相对优势。汇率改革前,中国货币政策汇率目标和货币供应量目标的双重隐性名义锚之间存在突出的矛盾和冲突,货币流通速度对经济运行的冲击比较显著。汇率改革后,通货膨胀目标作为名义锚将是我国货币政策的合理选择和努力的方向。The paper constructs a two-country model in open economics to compare different monetary policy＇ s targeting rules and analyzes of the cases of China＇ s dual implicit anchors on the basis of it. There are incompatibilities between different anchors of monetary policy. In open economics, inflation targeting has relative advantages over exchange rate targeting and monetary targeting. There are severe conflictions between the dual implicit anchors of exchange rate targeting and monetary targeting and the monetary velocities＇ impulsions are remarkable before the exchange rate reform in China. After the reform inflation targeting will be an ideal anchor in China.

关 键 词：货币政策 目标规则 名义锚 通货膨胀目标制 

分 类 号：F822.0[经济管理—财政学] F224