Jeffrey Frankel, Emerging-Market, nominal GDP growth, inflation and monetary policy Mando Gomez/Flickr

新兴市场目标制定实践

伊斯坦布尔—央行行长所求甚少。为了得偿所愿,他们常常试图引导通胀预期、表明货币政策的透明性、建立所在机构的信誉。为了简单明白地表明态度,他们或许会给某个经济变量制定明确的目标区间,或宣布对该变量的预测,或通过制定具体的利率调整门槛提供前瞻性指引。

但这个经济变量应该是什么?20世纪80年代,主要发达国家尝试了货币供给。在货币主义方法失败后,一些人转向目标通胀率。但他们总是没有办法达到目标。

直到20世纪90年代货币危机前,新兴和发展中国家一直都紧盯着汇率。其中许多国家随后也转向了通胀目标;但他们比发达国家更加频繁地无法达到目标。

To continue reading, please log in or enter your email address.

To continue reading, please log in or register now. After entering your email, you'll have access to two free articles every month. For unlimited access to Project Syndicate, subscribe now.

required

By proceeding, you are agreeing to our Terms and Conditions.

Log in

http://prosyn.org/G2Ln6Rf/zh;

Cookies and Privacy

We use cookies to improve your experience on our website. To find out more, read our updated cookie policy and privacy policy.