低通货膨胀与货币政策

Low Inflation and Function of Monetary Policy

持续15年的全球低通货膨胀,主要得益于各国成功的稳定化政策。低通货膨胀显示货币政策好处的同时,也给货币政策带来挑战。根据美日等国家的低通货膨胀经验,一个国家最好不要走向零利率的边缘,采取预防性的政策防止经济陷入通货紧缩至关重要。此外,需要正确认识货币政策的作用,货币政策长期的目标应该是为经济发展提供一个稳定的货币环境。美日国家预防低通货膨胀的经验对于中国宏观经济的平稳运行具有重要的借鉴意义。

There is a worldwide decline of inflation in recent decades since the end of 1980s. Now we have succeeded in disinflation and enjoyed low inflation. In this article we put attention to those thing such as the causes of low inflation, the challenges to monetary policy, the lessons from advanced economies and measures against deflation. All in all, prevention deflation does matter the same as achieving low and stable inflation. Chinese government can learn much from those experiences in conducting her monetary policy under a low inflation circumstances.