金融稳定目标与货币政策框架演进

＂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。

Financial Stability and the Evolution of Monetary Policy Frameworks

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.