以通胀为锚的货币政策如何应对新挑战

Preliminary Thoughts on the European Central Bank's Monetary Policy

本文阐述了欧央行货币政策战略报告的几点初步想法,并对通胀目标、通胀与实体经济的关系、货币政策传导及其有效性等欧央行关注的主要问题进行了探讨。本文认为,欧央行必须更好地向公众解释政策措施及其背后的原因,为此,应将通胀目标、通胀衡量指标、货币政策工具及其效果,以及气候变化、不平等问题等新挑战纳入货币政策战略报告考量。

This article offers some preliminary thoughts on the European Central Bank's monetary policy strategy report.It discusses the main issues of concern to the ECB,such as inflation targets,the relationship between inflation and the real economy,and the transmission and effectiveness of monetary policy.The article contends that the ECB must do a better job of explaining policy measures and the reasons behind them.To this end,the policy strategy report should incorporate inflation targets,measures to cushion the impact of inflation,and monetary policy tools as well as new challenges such as climate change and inequality.