论我国通货膨胀目标制货币规则的建立

Discussion on the Foundation of Monetary Rules under Inflation-targeting Regime

通过推导一个与中国未来成熟的货币政策规则实施环境基本吻合的基于央行最小信息优势的最优货币政策简化模型,表明相机抉择本身就代表了一种灵活性,这种灵活性对于现实中的央行可能有着重要意义。也正是基于不完全信息条件下的相机抉择模型的分析和与单一规则的比较,来设想中国未来货币政策规则。

The authors make a deduction of a simplified model of optimal monetary policy based on the minimum information advantage of the central banks, and the model is basically in accordance with the implement environment of monetary rules in a mature market in future China. The paper tries to prove that choose as the occasion demands represents a kind of flexibility itself, and the flexibility has great significance to the central banks. Based on the comparison of the mod- el of choose as the occasion demands under the condition of imperfect information and single rule, the paper proposes monetary policy rules of China in the future.