中国货币政策透明度提高对货币政策有效性影响的实证分析

Empirical Analysis on the Transparency of Monetary Policy to the Efficiency of Monetary Policy

在货币政策的框架构成中,透明度(即非对称信息)在货币政策制定者与其他经济主体之间的披露程度是一个非常重要的方面。合理的透明度可以优化货币政策相关信息的传递方式,降低经济运行中的不确定性,有助于中央银行克服动态不一致困境,提高市场效率,并进而提高货币政策的有效性。货币政策透明度提高对货币政策的效率会带来影响。透明度提高之后,通货膨胀率的波动幅度大为缩小,经济平稳高速增长,因此,货币政策透明度与货币政策有效性有正相关关系。

In the frame of monetary policy, the important aspect about the disclosed degree between optimize the transfer of the correlation information of transparency, which is named asymmetrical information, is an monetary policy maker and other economic subjects. It could monetary policy, reduce the uncerntaity in the economical activities, overcome the dynamic inconsistent difficulty of the Central Bank, enhance the market efficiency, and then enhances the validity of the monetary policy through the reasonable transparency. Through the analysis we find that the transparency of monetary policy has the influence to enhance the efficiency of monetary policy. The result indicates that if we enhance the transparency of monetary policy, the fluctuation of inflation rat will be greatly reduced, and the economics will steadily high grow, so it confirmes the relations between the transparency of monetary policy and the efficiency of monetary policy.