市场预期的货币政策效应与中国的选择

The Monetary Policy Effect of the Market Expectation and Chinese Choices

因为市场预期对货币政策操作效应的影响越来越大,所以世界各国中央银行对待市场预期的态度也发生了改变,开始重视市场预期。中央银行除了通过与市场交流了解和识别市场预期之外,更注重引导和利用市场预期来达到货币政策目标。而在引导和利用市场预期方面,目前最主要的趋势是增加货币政策的透明度。中国中央银行也开始在这方面努力,但在识别和利用市场预期方面,未来还有许多工作要做。

The market expectation has shown its remarkable influence to the operation of the monetary policy, so that many central banks in the world have changed their attitude toward it, and start to pay more attention to it. In addition to investigate and identify the market expectation through communicating with the marketers, the central banks even more emphasize to take advantage of it to achieve the target of monetary policy. At the present time, increase the transparency of the monetary policy has become the uppermost means for the central banks to guide the market expectation. So do China＇s central bank, but there are a lot to do to identify and take advantage of the market expectation.