西方经济学界货币政策规则理论述评

Comments on Theories of Monetary Policy Rules in Western Economic Circle

货币政策操作的“规则与相机抉择”之争由来已久 ,但近期西方经济学界对货币政策规则的研究表明 ,几乎所有的货币当局都倾向于折衷地进行政策操作 ,而且 ,作为货币当局制定政策的基准 ,规则本身也是相对灵活的 ,也会根据经济环境的变化而作出适当的、系统性的反应。

There is a large body of economics literature on the rules-versus-discretion debate over monetary policy. But recent related western research shows that almost all countries eclectically implement monetary policy, and as a base to make out policy, rules are relatively flexible, can make suitable and systemic transformation according to the change of economic environment.