基于国际经验的通货膨胀目标制研究

Research on Inflation Targeting Based on International Experience

20世纪90年代开始实施的通货膨胀目标制是以价格稳定为货币政策的首要目标,目的是实现和保持较低的通货膨胀率。通过从中央银行的独立性、通货膨胀的目标设计、央行执行货币政策的透明度及责任追究制和通货膨胀的预测与长期通货膨胀率间的关系等方面对实行通货膨胀目标制国家的实施情况进行分析,可以看出,通货膨胀目标制有利于中央银行的制度性改革,透明度高、可责性强,但也存在对短期灵活性有一定制约的缺点。当前,由于我国还存在一些制约条件,不太可能实行通货膨胀目标制。

Inflation targeting has been enacted since 1990s in which price stability is regarded as its chief target of monetary policy, its purpose is to realize and maintain a lower inflation rate. An analysis is made in the inflation targeting countries from the independence of central bank, inflation target designing, and transparency of implementing monetary policy by the central bank, the responsibility investigation system and the relationship between prediction of inflation and long - term inflation rate, etc. It can be seen that inflation targeting will help institutional reform of the central bank, for it has a high transparency, and the possibility of responsibility investigation is quite big, but it has a disadvantage of conditioning short - term flexibility. At present, owing to some binding conditions in China, there is no possibility for implementing inflation targeting in China.