通胀目标制：功能机理、政策绩效与启示

通货膨胀目标制是20世纪90年代初西方发达国家兴起的一种货币政策框架。文章从理论阐释了通胀目标制的功能机理,运用48个国家的相关数据对通胀目标制的绩效进行了实证分析,实证结果表明:通货膨胀目标制有助于锚住通胀预期,降低通货膨胀,稳定产出,是一种比较成功的货币政策框架。这一结论对货币政策框架需要调整的我国具有一定的政策启示。

Inflation Targeting:Functional Mechanism,Policy Performance and Enlightenment

Inflation targeting is a monetary policy framework,which is rised in the Western developed countries in the early 1990s.This paper explains the function mechanism of inflation targeting in theory,and uses the relevant data of the 48 countries to conduct an empirical analysis on the performance of inflation targeting.The empirical results show that inflation targeting helps to anchor inflation expectations,reduce inflation,stable output,thus it is a successful monetary policy framework.This conclusion has some policy implication on China’s monetary policy framework,which needs to be adjusted.