货币政策透明度实践的比较分析及启示

Monetary Policy Transparency Practice: Comparison & Implication

如何增加货币政策的透明度,从而提高货币政策的可信性和有效性,成为当前各国中央银行关注的焦点。本文选取了美联储、英格兰银行、欧洲中央银行和新西兰储备银行等四个在透明度实践方面具有代表性的中央银行,围绕目标透明、程序透明和政策透明三个方面进行了比较分析,得出了对我国货币政策透明度实践有益的启示。

How to improve the transparency of monetary policy and hence enhance the credibility and effectiveness of monetary policy, has become the focus of many central banks over the world. This paper mainly focuses on the following four central banks： Federal Reserve, Reserve Bank of New Zealand, Bank of England and European Central Bank, which are representative of other countries regarding monetary policy transparency practice. Their practices are summarized, and the similarities and the differences are compared in terms of goal transparency, procedure transparency and policy transparency. Finally, several implications relevant to China＇s monetary policy transparency improvement are discussed.