How do countries choose their monetary policy frameworks?

This paper investigates the determinants of countries’ choices of monetary policy framework. A brief narrative focused on groupings of countries motivates an econometric analysis which draws on previous work on the determinants of exchange rate regimes, bringing in standard factors as well as the trade networks of potential anchor currency blocs and the financial market depth that are emphasised in the narrative. The model turns out to be able to predict three quarters of countries’ choices, and there is no obvious systematic pattern in the errors. The results have important implications for how countries should choose their monetary policy frameworks.     

中国货币政策和财政政策相对有效性的实证研究

在我国由计划经济向市场经济的体制转轨过程中,货币政策和财政政策已成为我国宏观经济调节的主要手段,在我国的经济发展中发挥了重要作用。但货币政策和财政政策是各自独立的政策体系,由于作用的方式和条件有较大区别,其效果也有较大不同,文章试图应用脉冲响应函数和方差分解方法,对改革开放以来我国货币政策和财政政策的效果进行实证比较研究,并得出有关结论,为我国的宏观调控政策提供理论分析和实证检验的依据。     

Preferences of the Central Bank of Brazil under the inflation targeting regime: Estimation using a DSGE model for a small open economy

The main objective of this paper is to estimate the preferences of the Central Bank of Brazil after the inflation targeting regime (January 2000 to December 2013), using a DSGE model with microeconomic foundations for a small open economy, based especially on the work of Kam et al. (2009). The model used in this study considers that the Central Bank minimizes a loss function, taking into account the deviation of inflation from its target, output stabilization, the interest rate smoothing and, unlike the previous works, the exchange rate. The results show that the major concern of the monetary authority in the period was the stabilization of inflation, followed by interest rate smoothing, exchange stabilization and, finally, output stabilization. The large value for the exchange rate smoothing parameter suggests the presence of fear of floating in the Brazilian case. An improved inflation targeting strategy should allow for less Central Bank intervention in the exchange rate market.     

央行沟通对于货币政策实际干预的预测能力研究

信息沟通有助于公众理解和预测货币政策的实际干预,进而提高货币政策有效性。研究中国人民银行的信息沟通对实际政策干预的预测能力需要解决沟通文本的测度问题,同时考虑实际政策干预多工具并用的复杂性。基于此,本文通过文本分析方法提取《货币政策执行报告》的信息,进而考察央行沟通对于货币政策实际干预的预测能力。研究表明,整体而言,市场对中国人民银行“听其言”有助于“观其行”。具体来看,央行沟通对于直接可控的基准利率和存款准备金率具有持续的预测能力,但对于市场利率的预测能力较差,对于M2增长率的预测甚至存在方向不一致的情况。     

Deficit sustainability,and monetary versus fiscal dominance: The case of Spain, 1850–2000

In this paper, we provide a test of the sustainability of the Spanish government deficit over the period 1850–2000, emphasizing the role played by monetary and fiscal dominance in order to get fiscal solvency. Since the condition of fiscal solvency was satisfied, government deficit would have been sustainable along the sample period. In addition, the whole period can be characterized as one of fiscal dominance.     

中国货币当局资产负债表结构与货币政策调控方式转变

货币当局资产负债表是分析央行行为与货币政策执行情况的一个重要报表。我国货币当局资产负债表科目随着经济金融结构的演变经历了多次调整,本文梳理了我国货币当局资产负债表结构及其演变过程,重新编制1999-2018年的年度可比货币当局资产负债表,通过解析各科目余额及其结构的动态变化特征,揭示统计数据背后的经济逻辑与政策实践、以及重要资产负债科目间的勾稽关系。研究发现：外汇占款和对其他存款性公司的债权是我国货币当局投放基础货币的主要渠道。过去20年中,两种渠道此消彼长反映出我国基础货币投放方式和货币政策调控方式的两次重要转变与创新。在外汇占款大幅增长时期,货币当局曾通过频繁提高法定存款准备金率和发行央行票据回笼过剩流动性。随着国际收支顺差收窄和国内经济由高速增长向高质量发展转变,公开市场操作和创新型再贷款工具将成为货币当局主动投放基础货币的重要渠道。     

Inflation projections for monetary policy decision making

Many central banks set inflation targets over the medium term and inflation projections are a key input for monetary policy decision making. In this paper, we present the procedures used by the Spanish Central Bank staff to project consumer price inflation. We also provide some illustrations of their policy uses, such as fan charts, deflation probabilities and the monitoring of inflation targets.     

国际货币基金组织与世界银行之比较研究

国际货币基金组织和世界银行是全球举足轻重的国际组织,两者在许多方面存在异同。本文从历史沿革、宗旨、组织机构、资金来源、业务领域和贷款程序六个层面对二者进行了比较。     

基于多变量动态模型的产出缺口估算

 本文运用多变量动态模型系统下的Beveridge-Nelson分解方法和贝叶斯Gibbs抽样估计,估算了1985年1季度至2008年2季度期间中国的产出缺口,并且与传统的单变量估计方法测算的结果在统计属性和对货币政策调节的预测效果方面进行了比较。实证结果表明,不同产出缺口的统计属性存在差别,并且只有基于多变量系统测算的产出缺口对货币政策具有显著预测效果。这说明多变量模型估计出的产出缺口更全面地考虑了经济产出与其他相关变量的互动效应,含有的信息更为丰富,从而对宏观政策调整具有更重要的参考价值。     

牙买加体系下的东亚货币合作

牙买加体系具有内在的不稳定性、不平等性,区域货币合作是东亚国家化解不稳定性、减少不平等性的必由之路。通过影响东亚国家在区域货币合作博弈中的支付结构,牙买加体系的内生特征给东亚货币合作注入了持久的、外生的结构性激励,东亚货币合作由此得到维护和推进。东亚货币合作在受到牙买加体系力量塑造的同时,也对牙买加体系产生一定的影响。