货币政策规则:基于国际的考察

International experiences with different monetary policy rules

本文分析比较四种货币政策规则1)汇率目标规则;2)货币数量目标规则;3)通货膨胀目标规则;4)隐性货币政策规则。结论:货币政策的透明性和责任性是所有货币政策规则成功的关键。货币政策规则选择是由各国经济、文化、政治等因素决定的。

This paper examines the international experiences with four basic types of monetary policy regimes: (1)exchange-rate targeting, (2) monetary targeting, (3) inflation targeting, and (4) monetary policy with an implicit but not an explicit nominal anchor. The basic theme that emerges from this analysis is that transparency and accountability are crucial to constraining discretionary monetary policy so that it produces desirable long-run outcomes. what strategy will work best in a country depends on its political, cultural and economic institutions, as well as on its past history .