央行沟通与实际干预工具的组合匹配:来自美联储的证据

发布时间：2018-01-03 04:21

本文关键词：央行沟通与实际干预工具的组合匹配:来自美联储的证据　出处：《当代财经》2015年09期 　论文类型：期刊论文

【摘要】：央行沟通作为央行调控的一项新兴有效手段,已被多国纳入货币政策的操作工具。以美联储为研究样本,通过研究比较央行沟通与实际干预工具在组合匹配与否下的两种调控效果,发现央行沟通与居民消费物价指数和经济增长之间存在因果关系;同时,与实际干预工具不匹配情况相比,在央行沟通与其匹配的情况下,前瞻性指引能够较为有效地引导经济主体形成合理预期,消费物价指数和经济增长的冲击力度和贡献率更大。我国应将央行沟通作为货币政策中常态化的调控手段,并努力在明确央行沟通的实施框架、作用范围、传导机制的基础上,实现与实际干预工具的组合匹配。
[Abstract]:As an emerging and effective means of central bank regulation, central bank communication has been incorporated into monetary policy by many countries. By comparing the two effects of central bank communication and actual intervention tools in combination or not, it is found that there is a causal relationship between central bank communication and consumer price index (CPI) and economic growth. At the same time, compared with the actual intervention tools mismatch, in the case of central bank communication and its matching, forward-looking guidance can effectively guide economic subjects to form reasonable expectations. The impact and contribution rate of consumer price index and economic growth are greater. China should take central bank communication as a regular means of regulation and control in monetary policy, and try to clarify the implementation framework and scope of central bank communication. On the basis of conduction mechanism, the combination matching with actual intervention tools is realized.
【作者单位】：华东交通大学经济管理学院;南京财经大学金融学院;
【基金】：国家社会科学基金项目“央行沟通与实际干预工具的组合匹配及其转换时机”(13BJY173)
【分类号】：F827.12
【正文快照】： 一、引言众所周知,中央银行(下文简称为央行)以其独特的地位可以通过货币政策来调控宏观经济。20世纪90年代以前,世界各国央行在货币政策操作中始终保持与外界相对隔绝的状态;然而近年来,央行沟通作为一项“编外业务”,已经越来越成为其调控手段之一。央行沟通指的是一国央行

【参考文献】