【摘要】 随着经济与金融的不断发展 ,货币供应量与通货膨胀率等最终目标的相关性以及货币供应量自身的可控性和可测性也受到越来越多的干扰。为此 ,自 1 990年代起 ,一些国家相继改弦更张 ,把货币政策目标由货币供应量转为通货膨胀率 ,由此形成所谓的通货膨胀目标制。本文运用模型分析 ,在封闭经济的假设基础上分别讨论了严格通货膨胀目标制和灵活通货膨胀目标制。针对我国目前的货币供应量目标缺乏有效性状况 ,本文认为可以借鉴通货膨胀目标制对我国货币政策中介目标进行重新界定更多还原

【Abstract】 Since 1990s’ a number of developed and developing countries’central banks have used inflation rate--instead of money supply--as the intermediate target for monetary policy.Inflation targeting requires central banks to focus on the trend of inflation with the forecast of the future price and to take appropriate measures to avoid serious inflation or deflation in advance. This paper discusses the nature of restricting inflation targeting and flexible inflation targeting in which central banks should not only care for inflation but concern with output and gives reasons for China to adopt inflation targeting.更多还原