Study Of The Central Bank's Monetary Policy Transparency

The monetary policy function lies in through the monetary policy tools to realize Central Bank's specific monetary policy goal, regardless of this goal is price stability or the economy grows or the other, the final effect and the monetary policy implementation way are inseparable. In the western many scholars' research, the monetary policy transparency is believed to reduce the information asymmetry between currency authority and public, thus enhances the monetary policy the operation effect—this displays in the practice for the more and more western nation Central Bank unceasingly enhances its policy transparency, and obtained the monetary policy effect which focuses attention by the common people. But compares with our country, the monetary policy still displayed more fuzziness in many aspects, so the Central Bank's policy regulation effect not to be certainly obvious in the certain degree , therefore, enhanced the monetary policy transparency to improve our country's central Bank the policy regulation has the vital significance.The monetary policy "transparently or blurred" already has more than 20 years. Before 80's, the various countries Central Bank generally follow the policy "fuzzy" to gain the accident the policy harvest. When Kydland and Prescott(1977) make concept "time non-uniformity (Time Inconsistency)" introduce to macroeconomics, it initiated the monetary policy "the rule and the camera choice" struggle. The monetary policy rule gradually enters in the various countries monetary policy implementation system, simultaneously monetary policy transparency obvious enhancement.In the third chapter of the article, it carries on the analysis and the discussion to the monetary policy transparency significance. It focuses on the explanation to transparency principle effectively enhance Central Bank's prestige and the monetary policy implementation effect. At the same time, the article introduce attachment cost anticipated model to analysis the monetary policy transparency principle and the inflation relations, finally it indicated that the Central Bank through enhances the monetary policy's transparency effectively transmit the information to the public, then it forms the anticipated information cost, therefore the monetary policy transparently goes past in a big way, the inflation is lower. In the practice, we also discovered that England, Canada and New Zealand uses the inflation goal system the average inflation rate reduces as well as the bloating change reduces with the transparency enhances consistently.In the fourth chapter we introduced representative Central Bank- US and South Korea's monetary policy transparency implementation situation. Because they have many different in policy background, money market degree of development, therefore in me this article we analysis them from the different angle of view. This article uses the market analysis method to observe the change of Central Bank monetary policy in US take effect to the market fluctuation. We select the representative federation datum interest rate as policy target, uses three months and six month-long Treasury bill rates as the market target, using the dynamic analysis the US monetary policy effect among 1993. The result indicated that, after 1993, the US monetary policy transparency enhance, people can accurately forecast the central bank's policy intention, thus reduced the market fluctuation. At the same time this article will carry on E-G target analysis to the South Korea monetary policy, after the financial crisis in Asia the South Korea monetary policy transparency has later scored points the obvious increase, this became the important condition for South Korea smoothly go out the financial crisis in Asia. Finally, this article proposed the research to monetary policy transparency's final goal - constructs the monetary policy frame to suit our country's condition. While analyzes our country's monetary policy transparency insufficient, we proposed the establishment which contains the goal transparent, the process is transparent and the information transparent. In the same time we aim at each partial explanations concrete operating procedure and the suggestions to suits our country the monetary policy transparency.