中国稳健货币政策的实践经验与货币政策理论的国际前沿

The Progress in Monetary Economics and Practices in China

1984年中国人民银行正式行使中央银行职责以来,在经济约束和结构性特征异常复杂的条件下,中国货币政策当局根据中国经济金融的实际和宏观调控的需要,不断突破思想束缚,积极探索和初步形成了中国稳健货币政策的政策体系和理论基础。全球金融危机对传统货币经济学和中央银行货币政策带来了新的挑战,这极大推动了理论界和决策者的深刻反思。本文深入分析了中国货币政策实践和宝贵经验,同时全面梳理了危机以来国外宏观经济理论的新进展、货币政策框架的新方向、货币政策操作的新模式和货币政策调控策略的新变化。事实证明,中国金融宏观调控所积累的宝贵经验,与本轮国际金融危机后全球央行的反思是一致的,有必要加以总结完善。这对于做好新常态下转型中的中国货币政策,深化供给侧结构性改革,具有非常重要的理论和现实意义。

As the central bank of the world＇s biggest emerging, developing and transitional economy, considering the extreme complicated constraints and structure characteristics, due to the mainstream theory are focusing on developed economies, PBC actively explore monetary policies not only based on international theory progresses and experiences but also on the Chinese conditions status quo, successfully promote growth and price stability, and achieve satisfactory policy outcomes. The financial crisis has brought new challenges to the traditional monetary economics, which has greatly promoted the reflection and progress of the monetary policy theory. In this article, we made comprehensive analysis of the frontier progress and new models of the monetary economics theory, monetary policy framework, operations as well as strategies, and analyzed the valuable experience of China＇s monetary policy practice, which are the same in essence. Therefore, we can draw significant implications both in theory and policy to transform the monetary policy, perform the structural reform of the supply side under nowadays China＇s new normal.