权衡美联储的货币政策选择
文章
2019/06/09

This is the third post in a series of blog posts on the Fed and inflation expectations.

这是一系列关于美联储和通胀预期的博客文章中的第三篇。

The Federal Reserve is considering a monetary policy shift from its flexible inflation forecast targeting to one of several strategies known as make-up strategies. 

美联储正在考虑将货币政策从其灵活的通胀预测目标转向几种被称为“补偿策略”的策略之一。

Make-up strategies explicitly require central banks to make up for past misses of their inflation target. Different make-up strategy monetary policy ideas have been proposed on the central bank conference circuit. These can mainly be divided between price level targeting (PLT), average inflation targeting (AIT) and temporary price level targeting (TPLT). All the strategies work essentially through the same mechanism: raising short-term inflation expectations above the target.

补偿策略明确要求央行弥补过去未能实现通胀目标的损失。不同的货币政策构成策略在央行会议上被提出。主要分为物价水平目标制(PLT)、平均通货膨胀目标制(AIT)和临时物价水平目标制(TPLT)。所有这些策略基本上都是通过同样的机制发挥作用的:将短期通胀预期提高到高于目标的水平。

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