货币政策操作规范选择:基于交易成本政治学的一个解释

Selection of Monetary Policy Operation Guidelines: An Interpretation Based on Transaction-Cost Politics

学术界对于货币政策操作规范选择问题的争论———规则与相机抉择之争,很少涉及一个重要的问题,即决定货币当局在规则与相机抉择之间进行抉择的因素是什么。运用交易成本政治学的分析框架对此问题作的剖析可以看出,货币当局是在政策得益与政策转换引致的交易成本的权衡中做出政策转换的决策的。

Few arguments about the selection of monetary policy operation guidelines rules versus discretion involve an important question： what are the determinant factors for monetary authority to choose between rules and discretion？ This paper analysis the problem with a framework of transaction - cost politics and concluded that the monetary authority make its decision after weighing the gains and transaction - cost of policy - changing. Proposals are put forwarded as rules of monetary policy of China.