通货膨胀目标制的目标标准设计比较研究

通货膨胀目标标准设计是通货膨胀目标制实施过程中一个关键性问题.不同类别的国家所选择的目标标准表现出不同特征.就目标而言,大多数国家选择是区间目标,或一个点目标,允许一定百分点的上下浮动幅度范围.目标取值都在零通货膨胀率以上.在初期阶段目标期限偏短,在通货膨胀稳定时期,目标期限有加长的倾向.大多数国家使用总CPI指数作为度量标准,可调整的CPI如核心通货膨胀指标也逐渐受到一些国家的重视.

A Comparison of Design of Target Standards under Inflation Targeting Regime

The design of inflation target standards is a critical issue in the implementation of the inflation targeting regime. Different nations have different features in choosing their target standards. In terms of targets, most of the nations choose a target range or a point target, with a numerical value above zero for an inflation target, allowing a certain percentage of upper and lower floating range. The target limit is short at the early stage, but tends to be longer when the inflation is stable. When majority of the nation use the CPI as the measure of inflation, the adjustable CPI e.g. core inflation index has gradually gained more concerns from some nations.