Comment On Research And Practice About Inflation Targeting Regime And The Choice Of China

Adoption of inflation targeting monetary policy by some countries since 1990s has brought about good results such as low and stable inflation rate and economic growth.And inflation targeting regime theory has been brought forward and developed gradually which produced large numbers of theoretical and empirical research literatures by economists of many countries. It' s instructive for China' s monetary policy reformation and consummation to review and analyze this policy regime.According to researches and practices on inflation targeting regime of lots of economies,this paper reviews the following issues:(1) history background of the theory origination and its development process;(2) theoretic issues about inflation targeting regime including its concept, foundation,models,preconditions and positive analysis,etc;(3) empirical researches on this regime such as designing techniques,practices of countries, strongpoint and shortcomings and so on;(4) China' s intermediate target options of monetary policy.The conclusion is that monetary targeting, interest rate targeting and exchange-rate targeting are not perfectly adaptive to China and it' s not mature to introduce inflation targeting regime into China at present.But Good qualities of this regime should be used for reference to consummate current monetary policy regime of China.And inflation targeting should be an optimal policy option in the future with development of economic and financial reformation.