由日本银行货币政策争论引发的思考

The Thinking Based on the Monetary Policy of Bank of Japan

:1 999年围绕日本银行的货币政策进行过五次大争论。这五次争论依次是 :一、日本银行是否应采取进一步的扩张性货币政策。即“零利率”政策 ;二、是否应将适度通货膨胀作为货币政策的最终目标 ;三、是否应将货币供应量和资产价格也作为货币政策的中介目标 ;四、是否应增加货币政策操作目标和操作工具 ;五、货币政策是否应兼顾汇率等。这些争论几乎涉及了中央银行货币政策的整个体系 ,包括货币政策的最终目标、中介目标、操作目标、操作工具以及货币政策的传导机制。争论的焦点是面对通货紧缩这一新情况、新问题 ,中央银行应采取哪些货币政策以克服通货紧缩 ,刺激经济增长。受东亚金融危机的影响 ,1 997年之后我国经济遇到了与日本非常相似的问题 ,就中央银行的货币政策也出现过类似的争论。本文在着重介绍有关日本银行货币政策争论的同时 ,阐述了对目前我国货币政策的看法 。

There were five controversies over the monetary policy of Bank of Japan in 1999 in Japan.They were:1. Whether or not the Bank of Japan should take further expansionary monetary policy,which was the “zero interest rate policy”,2. Whether or not the inflation should become the final target of the monetary policy.3. Whether or not the money supply and the assets price should also become the intermediate target of the monetary policy?4. Whether or not the Bank of Japan should set up more operational target and operational instrument.5. Whtether or not the monetary policy should include the exchange rate?All controversies were related to the whole system of monetary policy of the central bank,including the final target,intermediate target,operational target,operational instrument and the transmission mechanism of the monetary policy.The key point of these controversies is what kind of monetary policy should be taken to control the deflation and to stimulate the economic growth. Being affected by Asian Financial crisis,since 1997 China′s economy has been confronted with the similar problem as it in Japan and also have had controversies over the China′s monetary policy.In the paper the author mainly introduced the controversies over the Japan′s monetary policy and expatiated upon the opinions about the current monetary policy in China.