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1、山东理工大学本科毕业论文MonetaryPolicyStrategy:TheInternationalExperienceFredericS.MishkinGettingmonetarypolicyrightiscrucialtothehealthoftheeconomy.Overlyexpansionarymonetarypolicyleadstohighinflation,whichdecreasestheefficiencyoftheeconomyandhamperseconomicgrowth.TheUnitedStat
2、eshasnotbeenexemptfrominflationaryepisodes,butmoreextremecasesofinflation,inwhichtheinflationrateclimbstoover100%peryear,havebeenprevalentinsomeregionsoftheworldsuchasLatinAmerica,andhavebeenveryharmfultotheeconomy.Monetarypolicythatistootightcanproduceseriousrecessi
3、onsinwhichoutputfallsandunemploymentrises.Itcanalsoleadtodeflation,afallinthepricelevel,asoccurredintheUnitedStatesduringtheGreatDepressionandinJapanmorerecently.AswehaveseeninChapter8,deflationcanbeespeciallydamagingtotheeconomy,becauseitpromotesfinancialinstability
4、andcanevenhelptriggerfinancialcrises.InChapter18ourdiscussionoftheconductofmonetarypolicyfocusedprimarilyontheUnitedStates.However,theUnitedStatesisnotthesourceofallwisdomabouthowtodomonetarypolicywell.Inthinkingaboutwhatstrategiesfortheconductofmonetarypolicymightbe
5、best,weneedtoexaminemonetarypolicyexperiencesinothercountries.Acentralfeatureofmonetarypolicystrategiesinallcountriesistheuseofanominalanchor(anominalvariablethatmonetarypolicymakersusetotiedownthepricelevelsuchastheinflationrate,anexchangerate,orthemoneysupply)asani
6、ntermediatetargettoachieveanultimategoalsuchaspricestability.Webeginthechapterbyexaminingtheroleanominalanchorplaysinpromotingpricestability.Thenweexaminethreebasictypesofmonetarypolicystrategy—exchange-ratetargeting,monetarytargeting,andinflationtargeting—andcompare
7、themtotheFederalReserve’scurrentmonetarypolicystrategy,whichfeaturesanimplicit(notanexplicit)nominalanchor.WewillseethatdespitetherecentexcellentperformanceofmonetarypolicyintheUnitedStates,thereismuchtolearnfromtheforeign15山东理工大学本科毕业论文experience.TheRoleofaNominalAnc
8、horAdherencetoanominalanchorforcesanation’smonetaryauthoritytoconductmonetarypolicysothatthenominalanchorvariablesuchastheinflation
