货币政策透明度与货币政策有效性——基于货币政策透明度指数和有效性系数回归分析的研究

The Transparency and Effectiveness of Monetary Policy——A Research on the Monetary Policy Transparency Index and Effectiveness Index Regress Analysis

近年来,许多国内外学者都把货币政策透明度与货币政策有效性的关系作为重点问题进行研究。将货币政策透明度指数与货币政策有效性系数进行回归分析发现,货币政策透明度对货币政策有效性具有一定影响,但这种影响在不同时期的表现又不尽相同。为合理确定货币政策透明度、提高货币政策有效性,应将提高货币政策透明度作为我国货币政策的发展趋向,并应认识到提高货币政策透明度并不是在所有时期都对货币政策有效性具有积极作用。此外,还要注意提高货币政策透明度方式、方法的合理性。

In recent years, many scholars in China and abroad have regarded the relationship between the transparency and effectiveness of monetary policy as an important problem to be researched. A regress analysis made on the transparency index of monetary policy and monetary policy effectiveness factor has found that the transparency of monetary policy has some influence on the effectiveness of monetary policy, but its influence is different in different periods. In order to achieve a reasonable transparency of monetary policy and pro- moting the effectiveness of monetary policy we should take the latter as a development orientation for China＇ s monetary policy, bearing in mind that promoting the transparency of monetary policy has positive role not all the times in monetary policy effectiveness. Besides, the reasonableness of modes and methods of the monetary policy transparency should be paid attention.