数量经济技术经济研究
數量經濟技術經濟研究
수량경제기술경제연구
The Journal of Quantitative & Technical Economics
2009年
9期
32~42
,共null页
央行独立性 通货膨胀厌恶 牺牲率 SVAR
央行獨立性 通貨膨脹厭噁 犧牲率 SVAR
앙행독립성 통화팽창염악 희생솔 SVAR
Central Bank Independence; Inflation Aversion; Sacrifice Ratio SVAR
货币政策的最终目标与央行独立性存在密切联系，本文借助SVAR方法，分析和比较了我国央行1984～2007年以来通货膨胀厌恶程度，说明了中国人民银行从1984年正式成立到现在独立性逐步扩大。我国央行通货膨胀厌恶程度和经济牺牲率的历史演化趋势，有助于公众形成关于央行货币政策的心理预期，从而降低央行反通货膨胀的成本，有助于央行通过宣言的方式来影响企业和公众的决策与行动，也有助于公众和企业根据央行货币政策的动向提前做出有效的决策。
貨幣政策的最終目標與央行獨立性存在密切聯繫，本文藉助SVAR方法，分析和比較瞭我國央行1984～2007年以來通貨膨脹厭噁程度，說明瞭中國人民銀行從1984年正式成立到現在獨立性逐步擴大。我國央行通貨膨脹厭噁程度和經濟犧牲率的歷史縯化趨勢，有助于公衆形成關于央行貨幣政策的心理預期，從而降低央行反通貨膨脹的成本，有助于央行通過宣言的方式來影響企業和公衆的決策與行動，也有助于公衆和企業根據央行貨幣政策的動嚮提前做齣有效的決策。
화폐정책적최종목표여앙행독립성존재밀절련계，본문차조SVAR방법，분석화비교료아국앙행1984～2007년이래통화팽창염악정도，설명료중국인민은행종1984년정식성립도현재독립성축보확대。아국앙행통화팽창염악정도화경제희생솔적역사연화추세，유조우공음형성관우앙행화폐정책적심리예기，종이강저앙행반통화팽창적성본，유조우앙행통과선언적방식래영향기업화공음적결책여행동，야유조우공음화기업근거앙행화폐정책적동향제전주출유효적결책。
There are very closely correlations between central bank independence and the objective of monetary policy. Using a structural VAR approach, this paper provides an overview of accumulated empirical evidence on the relation between central bank independence and the objective of monetary policy in China. The paper analyses the extent of inflation aversion for the people＇s bank of China from 1984 to 2007. We find that the people＇s bank of China becomes more and more independent. At the same time, we also study the development trends of inflation aversion about the people＇s bank of China and the sacrifice ratio owing to disinflation. If the independence of the people＇s bank of China has gone deep into people＇s minds, central bank can influence decisions of people or enterprises through simple policy rules. Therefore, our studies help to influence the people＇s expectation about monetary policy and reduce the cost of disinflation.
