加拿大通货膨胀目标制政策效果的实证分析——兼论对我国的政策启示

An Analysis of Inflation Targeting in Canada and Its Lessons for China

通货膨胀目标制是20世纪90年代起在全球范围内兴起的一种新的货币政策框架,加拿大是其早期采用国之一。本文在对加拿大通胀目标制的主要内容作一简单介绍后,运用脉冲反应函数对此政策效应进行检验。研究结果表明,它对加拿大宏观经济运行态势的改善具有积极的政策效应:它有利于降低通货膨胀惯性、稳定通胀预期,熨平产出波动。最后,本文在结合推动我国经济发展方式转变的背景下,思考其对我国的政策启示。

Inflation targeting is a new monetary policy regime, Canada is one of the earliest countries which adopted Inflation targeting. After a brief introduction of the Canadian inflation targeting, this paper analyses it＇s impacts to Canadian economy by using the impulse response function. The research suggests that Inflation Targeting has a remarkable effect on lowering inflation persistence, anchoring the inflation expectation, and ironing out output fluctuation in Canada. The result shed some light on monetary policy framework adjustment in China.