《货币银行学教学课件》MishkinCh16.pptVIP

* * Copyright ? 2007 Pearson Addison-Wesley. All rights reserved. Chapter 16 What Should Central Banks Do? Monetary Policy Goals, Strategy, and Tactics Copyright ? 2007 Pearson Addison-Wesley. All rights reserved. 16-* The Price Stability Goal Low and stable inflation Inflation Creates uncertainty and difficulty in planning for future Lowers economic growth Strains social fabric Nominal anchor (名义驻锚) Time-inconsistency problem Copyright ? 2007 Pearson Addison-Wesley. All rights reserved. 16-* Other Goals of Monetary Policy High employment Economic growth Stability of financial markets Interest-rate stability Foreign exchange market stability Copyright ? 2007 Pearson Addison-Wesley. All rights reserved. 16-* Should Price Stability be the Primary Goal? In the long run there is no conflict between the goals In the short run it can conflict with the goals of high employment and interest-rate stability Hierarchical mandate (分级任务) Dual mandate (双重任务) Copyright ? 2007 Pearson Addison-Wesley. All rights reserved. 16-* Monetary Targeting Flexible, transparent, accountable Advantages Almost immediate signals help fix inflation expectations and produce less inflation Almost immediate accountability(责任) Disadvantages Must be a strong and reliable relationship between the goal variable and the targeted monetary aggregate Copyright ? 2007 Pearson Addison-Wesley. All rights reserved. 16-* Inflation Targeting I Public announcement of medium-term numerical target for inflation Institutional commitment to price stability as the primary, long-run goal of monetary policy and a commitment to achieve the inflation goal Information-inclusive approach in which many variables are used in making decisions Increased transparency of the strategy Increased accountability of the central bank Copyright ? 2007 Pearson Addison-Wesley. All rights reserved. 16-* Inflation Targeting II Advantages Does not rely on one variable to achieve target Easily understood Reduces potential of falling in time