通货膨胀钉住:一种新的货币政策框架

Inflation targeting:a new framework for monetary policy

最近10年货币政策实践的一个重要变化是通货膨胀钉住的兴起,本文提出了对通货膨胀的一个新的解释,着重考察通货膨胀钉住对社会福利的影响。与其他文献不同,我们的解释强调通货膨胀钉住的委托—代理性质。同时,我们还分析了通货膨胀钉住对我国目前正在进行的货币政策制度改革的借鉴和启发意义。

In the recent ten years,an important change in the practice of monetary policy is the emerging of inflation targeting.In this paper,we proposed a new explanation about inflation targeting,and focusing on the welfare effects of inflation targeting.Different from other literature,we emphasized the principal-agent nature of inflation targeting.We also analyzed its implied meanings to the monetary system reform in China.