Research On Our Country's Monetary Policy Transparency

From the beginning of 1980s, the operation of many countries'Central Bank starts to abandon the former secret convention, and gradually moves towards transparent. Monetary policy transparency becomes to be an important topic to finance researchers. Monetary policy transparency is the communication situations on monetary policy information between Central Bank and other market participations .It can be divided into generalized transparency and narrowed transparency. Generalized transparency includes the Central Bank's announcement and explanation about monetary policy, and other market participations'gain and understanding about it; narrowed transparency just includes the Central Bank's announcement and explanation about monetary policy.First, this article carries on the summary to the monetary policy transparency, analyses why monetary policy transparency emerges, reviews related theories of monetary policy transparency ,includes classification, measure, and effect. Second, according to generalized transparency category, discriminates monetary policy transparency into institutional transparency and behavioral transparency. Third, separately analyses the effect of monetary policy institutional transparency and behavioral transparency, and carries on the examination to the effect of institutional transparency and behavioral transparency of our country. And then, separately uses E&G Index and Market-anticipate Index to measure the institutional transparency and behavioral transparency of our country. Finally, on the base of comparing about domestic and foreign monetary policy implementations, summarizes the existent insufficiency of our country's monetary policy transparency, and puts forward the policy proposal.