美国货币政策目标实证研究——二战后至格林斯潘时期

An Empirical Study of the Monetary Policy Objectives of US Fed during Post World War Ⅱ and Greenspan's Presidency

在分析美联储信息优势的激励与制度基础上,阐释公众可以通过货币政策获得预期信息来利用美联储的信息优势;通过建立一般均衡模型,论证公众为形成合理预期萃取货币政策信息,而央行利用货币政策向公众传递真实利率的信息将促进人均消费上升和福利改善,并通过对相关数据的处理来分析二战后美国货币政策目标的变迁。格林斯潘主导的美联储货币政策致力于控制通货膨胀,通过货币政策向公众传递经济信息以协助公众形成合理预期,从而促进了经济增长潜力的发挥。

Based on an analysis of the incentives and institutions of Fed＇s information advantages, the pa- per explicates that the public may make use of Fed＇s information advantages by gaining predictive information from Fed＇s monetary policy, and then builds a general equilibrium model to explain the public＇s use of monetary policy to form their reasonable expectation and the central bank＇s use of monetary policy to help people form their expectation of real interest rate to enhance consumption and welfare per capita. Then based on data, it analyzes the changes of post-war U. S. monetary policy objectives and emphasizes that the monetary policy of Fed led by Greenspan aims at inflation control and helping the public form their reasonable expectation by sending economic information to the public with its monetary policy, thus to boost the achievement of economic growth potential.