西方经济学界货币政策透明度理论研究述评

Comments on Theories of Monetary Policy Transparency in Western Economic Circles

货币政策透明度是指非对称信息在政策制定者与其他经济主体之间的披露程度,它包括中央银行对政策相关信息的披露程度以及公众对政策信息的理解程度两层内涵。实践中,政策制定者选择多大程度的透明度主要取决于实际的经济环境和政策目标。从纯经济学的角度来讲,政策有效性是决定是否要提高货币政策透明度的唯一原因;而实践中无论是透明还是隐秘的货币政策,都有可能实现比较理想的调控结果。

Monetary policy transparency means the extent of information disclosure from policymakers to public. This description includes two aspects： the extent of information disclosure from policymakers to other economic organizations, and the extent of public understanding of policy information. In practice, the extent to which policymakers choose to be transparent depends on both the economic environment and the objective of policy. From a pure economic perspective, the sole reason for monetary policy transparency is policy effectiveness. Consequently, whether monetary policy is transparent or secretive, policy effectiveness is possible to achieve in practical implementation.