货币政策前瞻性指引:实施原理、主要类型、国际经验及其对中国的启示

发布时间：2018-04-10 03:22

本文选题：前瞻性指引　切入点：预期管理　出处：《金融评论》2015年04期

【摘要】：本轮全球金融危机爆发后,前瞻性指引作为零利率限制下的非常规货币政策,被各国央行广泛应用,是央行货币政策实践领域的重要新进展。本文介绍了前瞻性指引的基本原理、成功实施前瞻性指引的必要条件以及前瞻性指引的主要缺陷,总结了前瞻性指引的主要类别和国际经验,评估了前瞻性指引政策的效果,并对前瞻性指引政策的前景进行了展望。虽然目前中国并不存在利率零利率下限问题,但这并不意味着前瞻性指引不能为我所用。中国货币政策正处于从数量型调控向价格型调控转型的过渡阶段,央行可以通过前瞻性指引加强对市场预期的引导,从而有助于增强对中长期利率的控制、减少市场波动性与促进金融市场稳定。
[Abstract]:The global financial crisis, forward-looking guidance as unconventional monetary policy of zero interest rate restrictions, is widely used in the central banks, is an important field of new progress in the practice of monetary policy. This paper introduces the basic principle of the forward-looking guidance, the main defects of the successful implementation of the necessary conditions of the forward-looking guidance and forward-looking guidance. Summarizes the international experience and the main categories of the forward-looking guidance, assessment of the forward-looking policy guidelines of the effect and Prospect of the forward-looking policy guidelines are discussed. Although there is no problem Chinese zero interest rate limit, but this does not mean that the forward-looking guidance couldn't be used. China monetary policy is from quantity the regulation of regulation to price transition transition period, the central bank may be forward-looking guidance to strengthen the guidance of market expectations, which contributes to the increase in the long term Rate control, reduce the volatility of the market and promote the stability of the financial market.

【作者单位】：中国社会科学院世界经济与政治研究所;中国社会科学院世界经济与政治研究所国际投资研究室;
【分类号】：F822.0

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