The Research About Theories And Practices Of Monetary Policy Transparency

Traditionally,the central bank tends to implement the monetary policy secretly,not to announce the goal of monetary policy and explain the reason for the policy.However,more and more central banks have change their policy to be open and transparent,exert themselves to improve the transparency of monetary policy since 1990s.It has become an important choice of the central banks to improve the monetary policy transparency.In this situation,it has important meaning to study the choice of the People's Bank of China.We will use comparative and empirical analysis methods to study the monetary policy transparency in this paper.The theories relating to monetary policy transparency and the successful practices of foreign central banks will be introduced in this paper.Finally,we will get the conclusion that the People's Bank of China must try its best to improve the monetary policy transparency in terms of goal transparency,knowledge transparency and decision transparency in order to make the monetary policy more effective.