析货币政策的科学性与艺术性

Science and Art of Monetary Policy

货币政策的制定和实施离不开科学原则作指导,但货币政策的实时决策又是极其复杂的,需要中央银行家的审时度势和敏锐判断,也即货币政策的艺术性。详细分析了货币政策科学性和艺术性的具体表现,认为货币政策的科学性与艺术性在实践中是难以分割和同等重要的,好的货币政策总是需要好的政策实施者,需要将科学性原则与中央银行家们的决策艺术完美地结合起来。

Monetary policy is science, it needs scientific principles to guide policymakers. However, the real- time decision of monetary policy is very complex and far from routine, it requires the fine touch of a master policymaker. Thus, monetary policy is also, in part, an art. Good policy will probably always require good policymakers, as it requires combining the science of the economist with the art of the practitioner.