通货膨胀目标制：理论、实践及在中国的检验

Inflation Targeting:Theory,Practice and Its Test in China

本文首先从优越性和货币政策操作两个层面对通货膨胀目标制进行了理论分析;然后介绍了新西兰、英国、加拿大、芬兰等代表性国家通货膨胀目标制的实践情况,发现这一新的货币政策框架对于有效控制通货膨胀确实起到了很好的作用;最后,我们通过对中国实际数据的实证检验,发现灵活通胀目标制规则在当前中国的货币政策操作实践中并不是非常适合。

Firstly, this paper conducts a theoretical analysis on inflation targeting from the view of its superiority and monetary policy operation. Secondly, it gives an introduction on the implementation of inflation targeting in several typical countries such as New Zealand, British, Canada and Finland. Studies show that this new framework of monetary policy has indeed helped keep the inflation under control. Finally, based on an empirical examination on statistics of China, we find that flexible inflation targeting is not totally suitable for us in our monetary policy operation.