提升货币政策透明度的利弊分析

An Analysis of Advantages and Disadvantages of Increasing Monetary Policy Transparency

近年来,提升货币政策透明度成为了大多数国家央行的共识,但是,关于提升货币政策透明度的利弊也存在很多的争议。本文系统地分析了提升货币政策透明度的利弊。将其收益概括为:有利于引导市场预期、有利于货币政策监督、减少政策效果时滞以及增强政策可信度。同时将提升货币政策透明度的弊端归纳为:造成动态不一致问题、引起市场剧烈变动、影响央行政策独立性以及抵消货币政策效果。最后,本文针对减少透明度带来的弊端提出了政策建议。

Although it becomes the common choice of most countries in the present world, increasing the transparency of monetary policy also has many controversies on its pros and eons. This paper makes a sys-tematic analysis on the advantages and disadvantages of increasing monetary policy transparency. The bene-fits of increasing monetary policy transparency are significant ： It is beneficial to guide the expectation of the public,supervise monetary policy,reduce the policy effect of time delay and strengthen the policy credibili-ty. The disadvantages could be summarized as inducing the dynamic inconsistent problems, causing the market fluctuations, threatening the central bank ＇s independence and offsetting the effect of monetary policy. In the end, the paper puts forward some policy recommendations to reduce the disadvantages brought by transparency.