中央银行前瞻指引的理论与经验:文献综述

发布时间：2018-05-12 13:11

本文选题：零利率下界 + 宽松货币政策　；参考：《国际金融研究》2014年01期

【摘要】：在央行政策利率面临零利率下界条件下,作为两种宽松货币政策工具之一的前瞻指引越来越受到重视。近年来,美联储、欧央行和英格兰银行都纷纷采用前瞻指引来引导市场预期,提高货币政策效率。本文首先总结了前瞻指引的定义,并在分析前瞻指引理论基础和各国实践的基础上,分析了前瞻指引的有效性、作用机制,并比较了不同形式前瞻指引的政策效果。本文认为,虽然零利率下界条件增加了运用前瞻指引的必要性,但前瞻指引本身作为一种货币政策沟通方式,有助于央行更好地达到货币政策目标,在正常经济金融条件下,也可以尝试使用此项工具,中国央行可借鉴相关经验,尝试将前瞻指引纳入货币政策工具箱。
[Abstract]:With the central bank's policy interest rate facing the lower bound of zero interest rate, the forward guidance, one of the two instruments of loose monetary policy, has been paid more and more attention. In recent years, the Federal Reserve, the European Central Bank and the Bank of England have adopted forward-looking guidance to guide market expectations and improve monetary policy efficiency. This paper first summarizes the definition of forward-looking guidance, and on the basis of analyzing the theoretical basis of forward-looking guidance and the practice of various countries, analyzes the effectiveness and mechanism of forward-looking guidance, and compares the policy effects of different forms of forward-looking guidance. This paper holds that although the lower boundary condition of zero interest rate increases the necessity of using forward-looking guidance, as a means of monetary policy communication, forward-looking guidance itself is helpful for the central bank to better achieve its monetary policy objectives under normal economic and financial conditions. The PBoC could also try to incorporate forward guidance into its monetary policy toolbox, drawing on experience.
【作者单位】：复旦大学经济学院;中国人民银行金融研究所;
【基金】：中国博士后科学基金第53批面上项目(编号2013M530800) 上海市金融学会2013年青年研究课题资助
【分类号】：F831.2

【共引文献】