追逐价格稳定目标的货币政策策略:通货膨胀目标制

The Strategy of Pursuing Price Stability:Inflation Targeting

20世纪70年代出现的滞胀使西方国家不仅从理论上论证了货币政策首要、长期的目标是致力于长期的价格稳定,而且从制度建设上建立了能够保证长期价格稳定目标得以实现的货币政策策略——通货膨胀目标制。在通货膨胀目标制下,稳定价格的机制使货币政策的操作更具前瞻性和灵活性。鉴于当前货币政策调控出现的困境,我国应该改变长期以来偏重经济增长目标而忽视价格稳定目标的货币政策取向,避免通过牺牲国内平衡来追求外部平衡,明确货币政策首要、长期的目标是价格稳定,从而建立起灵活的通货膨胀目标制的货币政策框架。

The economic stagnation in 1970s makes the western world aware that the long-term stability of monetary policy should be the target of monetary policy,thus the construction of the institution—— inflation targeting—— to guarantee this.The mechanism of price stability in inflation targeting has made the operation of monetary policy more forward-looking and flexible.With the current difficult situation that China's monetary policy finds itself in,it is more advised that a shift should be made in the monetary policy:from the focus of economic growth to that of the sustained stability of price;and from maintaining export balance to the balance of domestic production.It is essential that the stability of price be kept as a long-term number-one monetary policy.Only in this way can China strengthen up its new monetary strategy of inflation targeting with greater flexibility.