CAJ | 학술논문

＂杰克逊霍尔共识＂基于价格稳定与金融稳定的一致性,以通货膨胀目标制定货币政策框架强调价格稳定的重要性。然而低通货膨胀与资产价格大幅波动并存,使得人们不断反思价格稳定与金融稳定之间的权衡性,因而较晚成立的欧洲央行,以＂双支柱战略＂货币政策框架尝试关注金融稳定。而此次金融危机的教训表明,央行应该更加积极主动地关注金融稳定目标,因而构建基于宏观审慎的货币政策框架,以同时实现价格稳定和金融稳定是其未来演进的方向。
＂걸극손곽이공식＂기우개격은정여금융은정적일치성,이통화팽창목표제정화폐정책광가강조개격은정적중요성。연이저통화팽창여자산개격대폭파동병존,사득인문불단반사개격은정여금융은정지간적권형성,인이교만성립적구주앙행,이＂쌍지주전략＂화폐정책광가상시관주금융은정。이차차금융위궤적교훈표명,앙행응해경가적겁주동지관주금융은정목표,인이구건기우굉관심신적화폐정책광가,이동시실현개격은정화금융은정시기미래연진적방향。
Based on the consistency of price stability and financial stability,＂Jackson Hall Consensus＂ emphasizes the importance of price stability in inflation target formulating monetary policy framework.However,co-existing of low inflation and asset price volatility makes people continue to reflect on the trade-off between price stability and financial stability,so the European Central Bank was established later,it attempts to focus on financial stability with ＂two-pillar strategy＂of monetary policy framework.However,the lessons of the recent financial crisis showed that the central bank should pay more proactively attention to the goal of financial stability,in order to achieve price stability and financial stability.Thus,building the monetary policy framework based on macro-prudential is its future evolution direction.