西方中央银行独立性与宏观经济表现研究述评

A Review of Central Bank Independence and Macroeconomic Performance

介绍了西方学者对央行独立性的不同定义及研究的理论基础,从理论和实证两个角度分析中央银行独立性同宏观经济运行之间的关系,得出:中央银行独立性与通货膨胀之间的关系比较明确,与其他变量之间的关系仍不能明确界定;中央银行独立性的提升确实能有效降低通货膨胀率,但是抑制通货膨胀不能单独地成为支持中央银行独立性的理论基础;是否提高中央银行独立性应该结合其与物价、就业、经济增长的关系。

This article introduces western scholars＇ different definitions on Central Bank Independence （CBI） and its theoretical basis; then analyses the relationship between CBI and macroeeonomic performance theoretically and empirically. Finally, the conclusions are drawn as follow： The relations between CBI and inflation is quite explicit, but its relation with other variables is still inexplicit. Increasing CBI can effectively reduce inflation rate, but ＂cut down＂ on inflation cannot become the exclusive theoretical basis for supporting CBI. Whether or not to enhance the CBI should integrate its relations with price, employment, and economy growth.