打造央行升级版

Reconstructing the Central Bank Policy

中国经济发展进入"新常态",央行货币政策需相应调整。在利率市场化大背景下,学界和市场对央行及货币政策认识存在诸多误区,西方经典教科书中很多理论和常识并不符合中国现实。随着大数据时代来临,基于行为金融学和数据高频化的央行4.0时代可能加速到来,中国央行需做好跨越式发展的准备。本文重点谈论央行需升级的五个要点。

Central bank monetary policy needs to be adjusted to suit the economy's transition to a'new normal'.With the objective of interest rate liberalization ahead of us,there are a number of misunderstandings of central bank and monetary policy in the nation's academic institutions as well as in the markets.Many of the prevalent theories are not suited to China's current reality.With the advent of 'big data',a central bank policy 4.0 is headed in our direction and it will be based on behavioral finance and high frequency data.China's central bank needs to prepare for this.The author discusses five main areas where central bank needs to be revised and upgraded.