摘要
中央银行沟通作为一种新型的货币政策操作工具,意味着中央银行向公众公布其未来的政策意图,引导经济主体预期,进而影响经济主体的行为方式,已经得到了各国货币当局的重视。尽管中央银行沟通行为非常重要,但国内对于如何识别和量化这种行为仍然没有非常恰当的方法,因此,构建一套能够较为准确度量我国中央银行沟通行为的量化指标非常必要。通过从我国货币政策委员会季度例会会谈纪要中提取蕴含中央银行沟通行为的信息资料,结合语言学和逻辑学自动打分技术构建的一组量化中央银行沟通行为指标,研究发现,采用自动赋值方法得到的量化指标能够较好地体现中央银行的沟通行为;而且,货币当局的沟通行为与货币政策实际操作同等有效。
As a new kind of monetary policy operational tool, central bank communication has been given sufficient attention by the monetary authorities of all countries, because the central bank would announce its future policy intention to the public, which may guide the expectations of the economic subjects and further ififluence the behaviors of them. Although central bank communication behavior is very important, there is still no proper method to identify and quantify this behavior in China, thus it is very necessary to construct a set of quantitative indicators that can accurately measure the communication behavior of China＇s central bank. Through extracting the information containing the central bank communication behaviors from quarterly session minutes of China＇s Monetary Policy Committee and constructing a set of quantified index of central bank communication behaviors by combining the linguistic and logic automatic scoring technology, the findings of this study show that the quantitative index obtained from the automatic assignment method can well reflect the com- munication behaviors of the central bank, in addition, the communication behaviors of the monetary authorities are equally valid with the actual operation of the monetary policy.
作者
邹文理
王曦
ZOU Wen-li;WANG Xi(Guangzhou University,Guangzhou 510006;Sun Yat-Sen University,Guangzhou 516000,China)
出处
《当代财经》
CSSCI
北大核心
2018年第10期58-67,共10页
Contemporary Finance and Economics
基金
国家社会科学基金青年项目"中央银行沟通行为量化及其对金融市场的影响研究"(14CJY068)
关键词
中央银行沟通行为
指标
自动赋值法
central bank communication
index
automatic assignment method
