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| 泰勒规则:一个新的解释 | |
| 引用本文： | 李永宁,郭玉清,赵钧.泰勒规则:一个新的解释[J].广东金融学院学报,2011,26(4). |
| 作者姓名： | 李永宁 郭玉清 赵钧 |
| 作者单位： | 1. 中国人民银行金融研究所,北京,100032 2. 南开大学 经济学院,天津,300071 3. 天津商业大学 马列学院,天津,300134 |
| 摘 要： | 泰勒规则在20世纪90年代以来为美联储等央行所采用,也为众多央行所关注,但该规则在操作中存在诸多不确定性。由于货币政策最终目标物价稳定的强制性,政策目标利率具有一定的相机抉择性,泰勒规则其实是规则和相机抉择的结合。考虑到利率平滑的机会成本较小,泰勒规则发挥作用的关键在于货币当局与公众建立良好的交流机制。货币当局应配合利率调整实行联合或单独交流战略,管理预期,影响市场行为。 |
| 关 键 词： | 货币政策 交流机制 泰勒规则 预期管理 |
The Taylor Rules:A New Annotation |
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| Li Yongning,Guo Yuqing,Zhao Jun.The Taylor Rules:A New Annotation[J].Journal of Guangdong University of Finance,2011,26(4). | |
| Authors: | Li Yongning Guo Yuqing Zhao Jun |
| Institution: | Li Yongning1,Guo Yuqing2 and Zhao Jun3(1.Institute of Finance,People's Bank of China,Beijing 100032,China,2.Economics College,Nankai University,Tianjin 300071,3.Marxism-Leninism College,Tianjin University of Commerce,Tianjin 300134,China) |
| Abstract: | The Taylor rules have been used by the Federal Reserve since the 1990s,as well as being concerned by many other central banks.But the rules contain many uncertainties while operating.This paper found the monetary policy interest rate possessed certaindiscretiondue to thecoercivenessof ultimate goal of the policy.So the Taylor rules are the combination of discretion and rules in Practice.Concerning about the relatively small opportunity cost of interest rate smoothing,the Taylor rules'core effect relies on g... |
| Keywords: | monetary policy communication mechanism Taylor's rules expectation management |
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