摘要
关于货币政策最终目标的研究一直是我国金融理论工作者和实际工作者极为关注的重要课题。本文通过实证分析指出 :科学合理地界定“币值稳定”的内涵 ,不仅是完善货币政策最终目标体系的需要 ,而且直关货币政策操作的效果。应建立一套指标体系来衡量和评价“币值稳定” ,(1 )合理的“量度” ,该“量度”应是一个目标区 ,高于该值的通货膨胀和低于该值的通货紧缩都是币值不稳定的表现 ;(2 )可行的指标体系 ,包括检讨指标和预警指标 ,中央银行在制定货币政策时应重点关注和参考预警指标 ,以克服货币政策时滞的影响。
The study on the ultimate target of the monetary policy ,which draws close attention of both theoretical and practical workers,has always been a significant question for discussion.The paper points out from concrete analysis that to define currency stability rationally and scientifically doesn′t only meet the needs of perfecting the final target system,but brings about a striking effect on monetary policy as well.Thus an index system should be set up to assess and measure currency stability:(1) Reasonable'measurement'.This measurement ought to be an objective zone.Either currency inflation or deflation,higher or lower than the value,is an indication of unstable currency.(2) Feasible index system,including criticism indices and caution indices.Therefore,as to get rid of the time stagnation of monetary policy,the central bank should consult and focus on the caution indices establishing the monetary policy.
出处
《金融研究》
CSSCI
北大核心
2001年第7期18-26,共9页
Journal of Financial Research
