“公告操作”:西方国家货币政策操作的新范式  

Open Mouth Operation": A New Paradigm of Monetary Policy Implement of Western Countries

作　　者：贾德奎[1] 胡海鸥[1] 

机构地区：[1]上海交通大学安泰管理学院,上海200052

出　　处：《财经研究》2003年第7期64-68,共5页Journal of Finance and Economics

摘　　要：近期西方国家的货币政策实践反映出"公告操作"正逐渐取代公开市场操作的位置,并在利率调控中发挥重要作用的发展趋势。实践表明,"公告操作"更为简单透明,有利于正确引导公众预期,并具有更好的调控效果。因此,在货币政策的未来发展中,"公告操作"极有可能成为中央银行另一个有力的政策操作工具。Recently it has been reflected in the practice of monetary policy in western countries that the'openmouth operation'has gradually replaced the openmarket operation,thus playing an important role in the control of interest rate.It has been proved that the'openmouth operation'is simpler and more transparent,beneficial to correctly guiding the expectation of the public,thus achieving better controlling effects.Therefore,in the future development of monetary policy,the 'openmouth operation'is quite likely to become a powerful monetary policy implement.

关 键 词：公告操作 货币政策 范式 公开市场操作 

分 类 号：F821.0[经济管理—财政学]