宏观审慎视角下的最优货币政策框架

The Optimal Monetary Policy Framework under Marco-prudential Perspective

本文借助奥地利学派的理论观点,分析当前西方主流货币政策框架在此次金融危机爆发中所起的作用,认为宏观经济运行在实体经济和金融两个领域已发生深刻变化,维持价格稳定已不足以确保经济的持续健康发展。货币政策应当更加积极、主动地应对金融失衡,"强化的灵活通胀目标制"是重新实现价格稳定和金融稳定统一的最优货币政策框架。

After analyzing the role of the western conventional monetary policy in the financial crisis of 2008 from the perspective of Austria School, the paper argues that in the maeroeeonomic operation both the real and financial aspects have changed profoundly in recent decades, the maintenance of price stability has not been sufficient to ensure healthy economic performance over time, monetary policy should have to react more initiatively to financial imbalances than it currently does. The framework of augmented inflation targeting should be the optimal monetary policy framework for the goal of price stability and financial stability in the new era.