部分国家货币政策中间目标分析及我国的选择

The Norminal Anchor Analysis of Some Country's Monetary Policies and Our Country's Choice

本文将对目前各国实施货币政策过程中选择的中间目标包括汇率、货币供应量、通货膨胀率和不明确的中间目标进行分析 ,指出各自的优势和弊端 ,并得出中国应采取以通胀率为中间目标的货币政策安排的结论。

This paper examines the international experiences with four basic types of monetary policy regimes: (1) exchange-rate targeting (2) moneyary targeting (3) inflation targeting (4) monetary policy with an implicit but not an explicit nomical anchor and comments on the advantages and drawbacks of each of the for regimes.Then the conclusion is that China should implement the inflation targeting regime.