货币政策透明度:基于中央银行视角的文献解读

Monetary Policy Transparency: Explanations from Central Bank's Standpoint

货币政策透明度是指非对称信息在政策制定者与其他经济主体之间的披露程度,包括中央银行对政策相关信息的披露程度以及公众对政策信息的理解程度二层内涵;在实践中,政策制定者选择多大程度的透明度主要取决于实际的经济环境和政策目标,从纯经济学的角度来讲,政策有效性是决定是否要提高货币政策透明度的唯一原因;而从实践中来看,无论是透明还是隐秘的货币政策,都有可能实现比较理想的调控结果。

Monetary policy transparency means the extent of asymmetry information disclosure between policymakers and public, which includes two aspects as the extent of policy related information disclosure of policymakers and public understanding of policy information. In practice, degree of transpareney chosenby policymakers depends both on the economic environment and the objective of policy. From a pure economic perspective, the sole reason for increasing monetary policy transparency is policy effectiveness. Consequently, whether monetary policy is transparent or secretive, policy effectiveness is possible to achieve in practical implementation.