西方国家货币政策中介目标的历史演进及其启示

Western country currency policy agent target's historical evolution and its inspiration

西方国家的货币政策中介目标经历了从贷款量、利率到货币供应量再到目前以利率为主要调节目标,多信息变量并重的格局。当前流行的通货膨胀目标制事实上是将传统中介目标功能分离、分散于多个变量,而又以利率为主要中间调节目标的货币政策框架。

The monetary policy in Western countries has experienced several patterns： one of loan, interest rate or money supply to serve as single intermediate target. Many countries selects interest rates as main adjusting target, with others serving as information variables. The prevalent inflation targeting system is a money policy frame in which intermediate target is mainly interest rate , with detracting traditional intermediate targeting functions into many variables.