摘要：自20世纪90年代初，新西兰、加拿大、智利等国率先采用通货膨胀目标制作为货币政策制度后，之后的几十年间，六大洲、三大世界的约20多个国家相继采用了这种货币政策制度。并且至今为止的国际实践表明，该制度在抑制通货膨胀，稳定物价方面发挥了良好的作用。与此同时，自改革开放以来，我国的货币政策框架随着经济的发展，时代的变迁，历经了数次转型与改革，如今形成了以货币供应量为中介目标，以对外稳定币值，对内稳定物价为最终目标的货币政策框架。而近年来，随着我国经济的高速发展，美国次贷危机的波及以及我国经济结构与金融市场的深刻变化，通货膨胀的问题逐渐显现，货币供应量作为中介目标的可控性、可测性、相关性也有所减弱，本文在回顾我国货币政策框架发展历程，分析通胀目标制的基础上，主要探讨了新形势、新时局下将通货膨胀目标制作为我国货币政策框架转型方向的可行之处。
关键词 货币政策框架 通货膨胀目标制
Abstract: Since the early 1990s, when New Zealand, Canada and Chile first adopted inflation targeting (IT) regime as their monetary policy framework, IT has become an overwhelming trend across all continents and some 20 economies. So far, international practice has proved that this regime functioned pretty well against inflation. Meanwhile, with the implement of reform and opening up policy, China’s economy has gone through great changes and so has China's monetary policy framework. After several turning points of restructuring and reform, China has now formed an effective Monetary Policy Framework with money supply its intermediate target, price and currency stability its ultimate goal. In recent years, with China's rapid economic development, the influence exerted by U.S. financial crisis, as well as the profound changes in financial markets, inflation has surged as an obvious problem of China’s economy. Furthermore, under new circumstances, M2 can no longer function properly as the intermediate target.
This paper gives a brief summary of the previous changes in China’s Monetary Policy Framewok, discusses the merits of IT, and mainly focuses on the possibilities of adopting IT as China’s new Monetary Policy Framework.
Key words：Monetary Policy Framework; Inflation Targeting Regime
