中国货币政策操作规范的转型

The Transition of Manipulate Criterion of Chinese Monetary Policy in the Transitional Period

中央银行货币政策的操作规范有按“规则”行事和“相机抉择”两种，在货币政策操作实践中究竟应该采用哪种规范一直是学术界和银行家们争论的焦点。处于转型期的中国货币政策操作规范应该实现由“相机抉择”向按“规则”行事的转型。

Rules and discretion are two manipulate criteria of central bank＇s monetary policy. Which criterion is better in the practice of monetary policy is the focus of debate of academics and central bankers. This article firstly gives historical review of the debate of rules and discretion, secondly concludes the practice of monetary policy after the reform of China. On this basis, this article suggests that the manipulate criterion of Chinese monetary policy in the transitional period should transfer from discretion to rules.