通胀目标法的操作陷阱

The pitfalls in the practice of inflation targeting

该文经斯蒂芬·金·赛凯迪教授授权,由《中国货币市场》译成中文独家发表。在实施通胀目标时,政策制定者墨守成规地执行政策是十分危险的:一是模型会受到重大干扰,政策制定者不能机械地根据模型来调整政策;二是各国政府与公众之间的交流策略虽然需要因地而异,但中央银行还是应该向公众明确他们的目标。

It would be dangerous for central bankers to adhere slavishly to mechanical rules in the practice of inflation targeting. Policymakers should not mechanically adjust policy in response to models, which may suffer large disturbances. The central bankers should give the public a clearer sense of their objectives, though communication strategies between governments and the public vary from country to country. The author, Stephen G. Cecchetti authorizes CHINAMONEY to publish this paper and its translated version.