中央银行透明化政策与宏观经济稳定

Central Bank Transparent Policy and Macroeconomic Stability

在通胀预期管理背景下，构建中国2001～2013年中央银行信息交流指数，考量中央银行透明化政策影响宏观经济稳定机制。结果表明，央行增加信息交流有利于宏观经济稳定，某些情况下甚至超过实际干预的效果。因此，我国央行应进一步提高货币政策透明度并培育规范的中央银行信息交流机制。

In the context of inflation expectation management, this paper constructed a Chinese central bank communication index for the period of 2001 to 2013 to find the effect of central bank transparent policy on macroeconomic stability. The results showed that a more transparent monetary policy was conducive to macroeconomic, stability. In some cases, the central bank＇s transparent policy is even more effective than its actual intervention. So the People＇s Bank of China should further enhance its level of transparency.