《货币银行学》课程教学资源（案例讨论）谁从通胀目标制中获益（双语）

The Economics of Money,Bankingand Financial MarketsCaseStudy案例分析WhoBenefits fromInflation Targeting?谁从通货膨胀目标制中获益？学习下列材料：Many nations are warmingto the idea of inflation targeting.By 2005, forexample,eightindustrialeconomiesand13emergingoneshadadoptedfull-fledged inflation targeting.Many others expect to make themove soon.Bylooking carefully ata broad sampleof 21industrial and emerging-economyinflation-targetingcountriesovertime,and comparingthemwithacontrolgroupof13industrial non-targeters,FredericMishkin andco-authorKlausSchmidt-Hebbelconcludethatatargetdoes indeed improveeconomicperformancebuttheeffectsvarydramaticallydependingonthetypeofeconomythatattemptsit.Indeed,stableandmaturenon-targetingnations,includingtheUnitedStateshave often done just as well or better withoutit."The ongoing debate onwhetherinflationtargeting matters indicates thatopen questions remain,particularlyon thecomparativemacroeconomicperformancein inflationtargeting countries,both over time and relative to money targeting countries,"write the authors of this study."What really matters for successful monetarypolicyis establishingastrongnominalanchor.Whileinflationtargetingisoneway to achieve this,it is notthe only way.分析下列问题：Questions:Economic School,Wuhan University of Technology

The Economics of Money , Banking and Financial Markets Economic School , Wuhan University of Technology 1 Case Study 案例分析 Who Benefits from Inflation Targeting? 谁从通货膨胀目标制中获益? 学习下列材料: Many nations are warming to the idea of inflation targeting. By 2005, for example, eight industrial economies and 13 emerging ones had adopted full-fledged inflation targeting. Many others expect to make the move soon. By looking carefully at a broad sample of 21industrial and emerging-economy inflation-targeting countries over time, and comparing them with a control group of 13 industrial non-targeters, Frederic Mishkin and co-author Klaus Schmidt-Hebbel conclude that a target does indeed improve economic performance but the effects vary dramatically depending on the type of economy that attempts it. Indeed, stable and mature non-targeting nations, including the United States, have often done just as well or better without it. "The ongoing debate on whether inflation targeting matters indicates that open questions remain, particularly on the comparative macroeconomic performance in inflation targeting countries, both over time and relative to money targeting countries," write the authors of this study. "What really matters for successful monetary policy is establishing a strong nominal anchor. While inflation targeting is one way to achieve this, it is not the only way. 分析下列问题: Questions:

TheEconomics of Money,Bankingand Financial MarketsWhich are often chosen as the target of money policy? Can you explain thebenefitsanddrawbackofinflationtargeting?2Economic School,Wuhan Universityof Technology

The Economics of Money , Banking and Financial Markets Economic School , Wuhan University of Technology 2 Which are often chosen as the target of money policy? Can you explain the benefits and drawback of inflation targeting?