摘要
最近十几年来,各国中央银行政策理念和实践发生了重要转变,中央银行开始加强与公众的政策信息沟通,提高政策透明度。2008年以来,传统货币政策工具失效使得各国央行更为倚重旨在引导预期的沟通政策,推动了关于未来政策路径的"前瞻性指引"实践。政策创新激发了相关的理论和实证研究。本文梳理相关领域的最新研究,系统性地总结关于中央银行沟通的观念和理论的变化,探讨沟通实践中的策略、机制与效果方面的研究进展,并指出未来进一步深入研究的方向。
In recent years, central banks are more transparent about their policy and using the public communication as a main policy instrument, especially after Financial Crisis. The management of public expectations becomes the focal point of financial and monetary policies and instruments such as 'forward guidance' are playing important roles. This paper goes over the recent research on the Central Bank Communications, analyzing the underlying definitions and theories, discussing the relevant strategies issues such as credibility and reputation. We then summarize the effects of communications on financial market and macro performances and give some suggestions for further research.
出处
《金融评论》
2013年第5期38-50,123,共13页
Chinese Review of Financial Studies
关键词
中央银行沟通预期管理透明度
前瞻性指引
Central Bank Communication
Expectation Management
Transparency
Forward Guidance
