货币政策透明度研究评述
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外国经济与管理 2005 年 第 27 卷第 10 期, 页码：
摘要
参考文献
摘要
近年来,各国中央银行纷纷采取措施增加货币政策的透明度,因而透明度问题引起了学术界的关注。在研究过程中,学者们对于透明度的含义以及增加透明度对中央银行和经济的影响,各持不同的见解。本文主要分析和探讨了中央银行货币政策由神秘向透明转变的原因、比较了几种透明度解释的不同含义、评述了有关透明度对宏观经济和中央银行的作用以及最优透明度等问题。
①通货膨胀目标制是一种始于20世纪90年代的货币政策目标,其主要特点是把稳定物价作为主要的长期政策目标,央行 宣布一个明确的通货膨胀目标值(或区间),承诺在某个期限内实现,这要求央行享有操作独立性,并把与公众交流、提高 透明度和加强央行责任作为该政策的重要组成部分。目前已有22个工业化国家和新兴市场国家宣布采用这种货币政策 制度。
②转引自Goodfriend, Marvin. Monetary mystique: secrecy and central banking[J]. Journal of Monetary Economics, 1986. 17: 63-92.
③转引自Blinder, Alan S. Central banking in theory and practice[M]. Cambridge: MIT Press, 1998:68-69.
[1]Greenspan, Alan. Transparency in monetary policy[R]. http://www. federalreserve. gov/boarddocs/speeches/2001/ 20011011/default, htm, 2001-10-11.
[2]Fry, M, D Julius, L Mahadeva,et al. Key issues in the choice of monetary policy framework [A]. In L Mahadeva and G Sterne(eds). Monetary policy frameworks in a global context[C]. London:Routledge, 2000:1-216.
[3]Stiglitz, J. On liberty, the right to know, and public discourse: the role of transparency in public life[EB/OL]. Http:// www2. gsb. Columbia, edu/faculty/jstiglitz/download 12001_on_Libery_the_Right_to_Know_and_Public. pdf. 1999: 1-32.
[4]Issing, Otmar. Communication, transparency, accountability: monetary policy in the twenty first century[J]. Federal Reserve Bank of St. Louis Review, 2005, 87(2): 65-83.
[5]IMF. Code of good practices on transparency in monetary and financial policies:declaration of principles[R]. www. imf. org/external/np/mae/mft/code/index, htm, 1999-9-26.
[6]Woodford,Michael. Monetary policy in the information economy[R]. NBER Working Paper, 8674,2001:1-70.
[7]Cukierman, A and A H Meltzer. A theory of ambiguity, credibility, and inflation under discretion and asymmetric information [J]. Econometrica, 1986, 54:1099-1128.
[8]Winkler, B. Which kind of transparency? on the need for effective communication in monetary policy making[J]. Ifo-Studies,2002,48(3): 401-27.
[9]Kuttner, Kenneth and Adam Posen. Inflation, monetary transparency and G3 exchange rate volatility[R]. Report 00-6, Institute for International Economics Working Paper, 2000,6:1-44.
[10]Geraats, P M. Central bank transparency[J].Economic Journal, 2002, 112: 532-565.
[11]Hahn, V. Central bank transparency: a survey[J]. Ifo-Studies, 2002,48(3):429-455.
[12]Faust, J and L Svensson. Transparency and credibility: monetary policy with unobservable goals[J]. International Economic Review ,2001, 42: 369-397.
[13]Faust, J and L Svensson. The equilibrium degree of transparency and control in monetary policy [J]. Journal of Money, Credit, and Banking,2002,34(2):520-539.
[14]Mishkin, F S. Can central bank transparency go too far? [R].NBER Working Paper 10829,2004:1-33.
[15]Fischer, Stanley. Rules versus discretion in monetary policy[A]. In Benjamin M Friedman and Frank H Hahn(eds.). Handbook of monetary economics(Ⅱ) [C]. North Holland, Amsterdam and New York, 1990:1155-1181.
[16]Mishkin, F S and A S Posen. Inflation targeting: lessons from four countries[J]. Federal Reserve Bank of New York Economic Policy Review, 1997,3(3): 9-110.
[17]Bernanke,B S, T Laubach, F S Mishkin and A S Posen. Inflation targeting: lessons from the international experience [C]. Princeton:Princeton University Press, 1999:115-171.
[18] Walsh, Carl E. Monetary theory and policy (2nd Edition )[M]. Cambridge: MIT Press, 2003:523-535.
[19] Levin, A, F M Natalucci and J M Piger. The macroeconomic effects of inflation targeting [J]. Federal Reserve Bank of St. Louis Review, 2004, 86(4): 51-80.
[20]Demertzis, M and Hughes Hallett. Central bank transparency in theory and practice[R]. CEPR Discussion Paper, 3639 Centre for Economic Policy Research, 2004:1-38.
[21]Eijffinger, S, and P Geraats. How transparent are central banks? [R]. CEPR Discussion Paper, 3118. Centre for Economic Policy Research, 2002:1-41.
[22]Jensen,Henrik. Optimal degrees of transparency in monetary policymaking[J]. Candinavian Journal of Economics,2002, 104:399-422.
[23]Friedman, Milton. Monetary policy in a fiat world[A]. In Harcourt Brace Jovanovich. Money mischief[C]. New York, US, 1992:254-265.
[24]Rafferty, M C and M Tomljanovich. Central bank transparency and market efficiency: an econometric analysis[J]. Journal of Economics and Finance, 2002,26: 150-161.
[25]Blinder, AS. Central banking in theory and practice[M]. Cambridge: MIT Press, 1998:60-72.
[26]Eijffinger, S, and P Geraats. How transparent are central banks? [EB/OL]. http://www. econ. cam. ac. uk/faculty/ geraats/tpindex pdf, 2005:1-27.
[27]Issing, O. The eurosystem; transparent and accountable or "Willem in euroland"[J]. Journal of Common Market Studies, 1999,37(3) :503-520.
②转引自Goodfriend, Marvin. Monetary mystique: secrecy and central banking[J]. Journal of Monetary Economics, 1986. 17: 63-92.
③转引自Blinder, Alan S. Central banking in theory and practice[M]. Cambridge: MIT Press, 1998:68-69.
[1]Greenspan, Alan. Transparency in monetary policy[R]. http://www. federalreserve. gov/boarddocs/speeches/2001/ 20011011/default, htm, 2001-10-11.
[2]Fry, M, D Julius, L Mahadeva,et al. Key issues in the choice of monetary policy framework [A]. In L Mahadeva and G Sterne(eds). Monetary policy frameworks in a global context[C]. London:Routledge, 2000:1-216.
[3]Stiglitz, J. On liberty, the right to know, and public discourse: the role of transparency in public life[EB/OL]. Http:// www2. gsb. Columbia, edu/faculty/jstiglitz/download 12001_on_Libery_the_Right_to_Know_and_Public. pdf. 1999: 1-32.
[4]Issing, Otmar. Communication, transparency, accountability: monetary policy in the twenty first century[J]. Federal Reserve Bank of St. Louis Review, 2005, 87(2): 65-83.
[5]IMF. Code of good practices on transparency in monetary and financial policies:declaration of principles[R]. www. imf. org/external/np/mae/mft/code/index, htm, 1999-9-26.
[6]Woodford,Michael. Monetary policy in the information economy[R]. NBER Working Paper, 8674,2001:1-70.
[7]Cukierman, A and A H Meltzer. A theory of ambiguity, credibility, and inflation under discretion and asymmetric information [J]. Econometrica, 1986, 54:1099-1128.
[8]Winkler, B. Which kind of transparency? on the need for effective communication in monetary policy making[J]. Ifo-Studies,2002,48(3): 401-27.
[9]Kuttner, Kenneth and Adam Posen. Inflation, monetary transparency and G3 exchange rate volatility[R]. Report 00-6, Institute for International Economics Working Paper, 2000,6:1-44.
[10]Geraats, P M. Central bank transparency[J].Economic Journal, 2002, 112: 532-565.
[11]Hahn, V. Central bank transparency: a survey[J]. Ifo-Studies, 2002,48(3):429-455.
[12]Faust, J and L Svensson. Transparency and credibility: monetary policy with unobservable goals[J]. International Economic Review ,2001, 42: 369-397.
[13]Faust, J and L Svensson. The equilibrium degree of transparency and control in monetary policy [J]. Journal of Money, Credit, and Banking,2002,34(2):520-539.
[14]Mishkin, F S. Can central bank transparency go too far? [R].NBER Working Paper 10829,2004:1-33.
[15]Fischer, Stanley. Rules versus discretion in monetary policy[A]. In Benjamin M Friedman and Frank H Hahn(eds.). Handbook of monetary economics(Ⅱ) [C]. North Holland, Amsterdam and New York, 1990:1155-1181.
[16]Mishkin, F S and A S Posen. Inflation targeting: lessons from four countries[J]. Federal Reserve Bank of New York Economic Policy Review, 1997,3(3): 9-110.
[17]Bernanke,B S, T Laubach, F S Mishkin and A S Posen. Inflation targeting: lessons from the international experience [C]. Princeton:Princeton University Press, 1999:115-171.
[18] Walsh, Carl E. Monetary theory and policy (2nd Edition )[M]. Cambridge: MIT Press, 2003:523-535.
[19] Levin, A, F M Natalucci and J M Piger. The macroeconomic effects of inflation targeting [J]. Federal Reserve Bank of St. Louis Review, 2004, 86(4): 51-80.
[20]Demertzis, M and Hughes Hallett. Central bank transparency in theory and practice[R]. CEPR Discussion Paper, 3639 Centre for Economic Policy Research, 2004:1-38.
[21]Eijffinger, S, and P Geraats. How transparent are central banks? [R]. CEPR Discussion Paper, 3118. Centre for Economic Policy Research, 2002:1-41.
[22]Jensen,Henrik. Optimal degrees of transparency in monetary policymaking[J]. Candinavian Journal of Economics,2002, 104:399-422.
[23]Friedman, Milton. Monetary policy in a fiat world[A]. In Harcourt Brace Jovanovich. Money mischief[C]. New York, US, 1992:254-265.
[24]Rafferty, M C and M Tomljanovich. Central bank transparency and market efficiency: an econometric analysis[J]. Journal of Economics and Finance, 2002,26: 150-161.
[25]Blinder, AS. Central banking in theory and practice[M]. Cambridge: MIT Press, 1998:60-72.
[26]Eijffinger, S, and P Geraats. How transparent are central banks? [EB/OL]. http://www. econ. cam. ac. uk/faculty/ geraats/tpindex pdf, 2005:1-27.
[27]Issing, O. The eurosystem; transparent and accountable or "Willem in euroland"[J]. Journal of Common Market Studies, 1999,37(3) :503-520.
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