预期管理的政策实践与改进措施

发布时间：2018-04-18 08:43

本文选题：预期管理 + 货币政策　；参考：《中国人民大学学报》2017年05期

【摘要】：预期管理已成为发达国家中央银行使用的重要货币政策手段之一,央行引导预期的能力会显著影响货币政策的调控效率。然而,我国央行的预期管理实践还存在诸多问题,引导公众预期的能力较弱。究其原因,一是货币政策目标过多,不利于预期的形成;二是货币政策定位不明确,增加了市场形成预期的难度;三是货币政策信息披露较为滞后,容易误导市场预期;四是央行与市场沟通的信息不够充分。基于此,我国央行应从多方面入手加强对预期的引导,包括:进一步减少并明确货币政策调控目标;加强央行与市场的沟通;注重提高央行的研究能力;增强央行独立性。
[Abstract]:Expectation management has become one of the important monetary policy measures used by the central banks of developed countries. The ability of central banks to guide expectations will significantly affect the efficiency of monetary policy regulation and control.However, there are still many problems in the practice of the central bank's expected management, and the ability to guide the public's expectations is weak.The reasons are that the monetary policy has too many objectives, which is not conducive to the formation of expectations; second, the positioning of monetary policy is unclear, which increases the difficulty of market formation; third, the disclosure of monetary policy information is lagging behind, and it is easy to mislead market expectations.Fourth, the central bank and the market communication information is not sufficient.Based on this, the central bank of our country should strengthen the guidance to the expectation from many aspects, including: further reducing and clarifying the target of monetary policy control; strengthening the communication between the central bank and the market; paying attention to improving the research ability of the central bank; strengthening the independence of the central bank.
【作者单位】：中央财经大学金融学院;中国人民大学经济学院;
【基金】：中国人民大学科学研究基金(中央高校基本科研业务费专项资金资助)项目“利率市场化背景下中国货币政策框架的转型研究”(15XNI006)
【分类号】：F822.0

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