通货膨胀目标制:加拿大银行的政策实践与启示

Inflation Targeting: the Practice and Revelation of Monetary Policy Implementing in Canada

在加拿大的通货膨胀目标制政策框架下,中央银行定期向公众宣布政策通货膨胀目标,然后根据通货膨胀预测值与政策目标之间的差距来确定调控方向;在实践中,加拿大银行通过使用利率操作区间和公告操作,从而很好地实现了对市场流动性及短期利率目标的调控,进而影响到市场主体的经济决策,并最终成功实现了实际通货膨胀率稳定地波动在中央银行的目标范围内。基于此,我国有必要借鉴加拿大银行的做法,建立一个更为简单透明的政策操作框架,以保证货币政策操作的效果。

After adopting the monetary policy framework of inflation targeting, Bank of Canada announces the inflation control targets to public periodically and implement monetary policy based on the difference between inflation forecasting and the target. In practice, Bank of Canada achieves inflation aim by adjusting short-term interest rate, and it is proved that interest rate corridor and public announcement policy is helpful to reduce operating costs and achieve policy target in Canada. For this reason, it is necessary to establish a more simple and transparent framework of monetary policy implementation in our country.