Abstract:
The improvements of monetary policy system face the new challenges in the developments of macroeconomic policy, which adapt and lead the new normal economy. The ultimate targets of monetary policy will be diversification and it should be more difficult for balancing the ultimate targets. The central bank should improve the abilities of balance and transition between the quantity targets and the price targets on the choice of intermediary targets and operation targets. Medium-short-term policy instruments benefit the economic growth in short term, but in long term, central bank should consider the term mismatch between medium-short-term policy instruments and the long term targets, the market mechanisms of policy instruments, and the optimization of instrument portfolios. The transitions of monetary policy operation face the problems, which are the transition from discretion to rule, choices of operation timing and quantity, and the choice of interest rate control modes. The monetary policy transmission mechanisms will be more complicated and the effects will be uncertain. Realizing the functions of monetary policy in new normal economy objectively and improving the independence of central bank should benefit in solving the problems facing by central bank under the new normal economy.
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PAN Min. The Challenges on Improving the Monetary Policy System under the New Normal Economy in China. Journal of Financial Research, 2016, 428(2): 106-112.
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