The Connotation and Channel of the Central Bank's Monetary Policy Communication in the Post-crisis Era and Its Implications for China

摘要

The central bank's monetary policy communication is not only the delivery of monetary policy information facing to the public, but also possesses the property of monetary policy tool which is continuously manifested with the development of central bank's monetary policy operation. After the international financial crisis in 2008, the failure of traditional monetary policy tool promotes main central banks in the world to pay closer attention to the monetary policy communication, especially the important role of forward-looking guidance in guiding public expectation, improving the efficiency of monetary policy and recovering the normal operation of financial system. The People's Bank of China also pays more and more attention to the role of monetary policy communication and is also continuously expanding communication channels and has achieved certain effects. However, compared with that of western developed countries, the monetary policy communication of central bank has still not become a kind of strong monetary policy tool which still needs further improvement.