信息不完全、通货膨胀目标制与货币政策声誉:跨国经验

20世纪90年代以来通行的通货膨胀目标制被认为是极具透明性、灵活性的货币政策框架，受到很多国家的推崇。本文验证通货膨胀目标制是否有助于建立货币政策声誉，构建一个基于信息不完全基础上的动态预期形成模型，通过对通货膨胀目标制能否引起结构性变化的七个发达国家的实证研究，发现政策声誉的建立是一个学习过程。通货膨胀目标制实行的时间越长，该政策对降低通货膨胀率，实现经济稳定增长越有效。

Incomplete Information, Inflation Targeting and Monetary Policy Reputation: Cross Country Evidence

As a new monetary policy frame--Inflation Targeting has been adopted by many countries since 1990 for its transparency and flexibility. In this paper, we have a new monetary policy reputation model with asymmetry - information and argue that infla- tion targeting is beneficial to policy reputation. The empirical analysis based on the seven countries data provides supporting evidence.