中央银行：选择什么目标,需要什么工具

The Central Bank's Choices:Targets and Tools

本文围绕中央银行的多重货币政策目标和多种货币政策工具的选择问题,重点对中央银行是否应当直接以经济活动作为货币政策目标、兼顾金融稳定、关注汇率以及如何应对名义利率下限等四个问题展开讨论。

This paper focuses on central bank’s choices of multiple monetary policy targets and various monetary policy tools. It discusses the following four questions：whether economic activities should be a monetary policy target directly, whether financial stability should also be taken into consideration, whether the exchange rate should be focused on and how to deal with the floor level of nominal interest rate.