This paper analyses the theory of inflation targeting regime under capital account convertibility , and argues that with the openness of rmb , china should carry out inflation targeting regime while the choice of exchange rate regime should be inclined to flexible regime 本文分析了资本账户开放条件下通货膨胀目标制理论，认?承受著人民币资本账户开放度越来越大，我国应该实行通货膨胀目标制，同时汇率制度的选择应该倾向于浮动汇率。
Since the adoption by new zealand in 1990 , there have been 19 countries adopt inflation targeting by the end of 2000 , and many more are considering future adoption of this new monetary framework , including developed and developing countries 自1990年新西兰率先采用该作法以来，截至2000年底，已有19个国家采用了通货膨胀目标法，还有其他一些国家正准备采用该作法。涉及到的国家既有发达国家，也有发展中国家，从而表现出了一定的适应性。
It aims to explain the reason that more and more countries transfer to announce and use the monetary policy framework . the main parts of the dissertation include the comparative research on monetary policy framework and the applicative analysis on inflation targeting . based on thus , the dissertation explores into the direction of chinese monetary policy 论文不是简单的案例分析，也不是关于如何运用“通货膨胀目标制度”的指南，论文集中于解释越来越多的国家转向“通货膨胀目标制度”的理由，这包括各种货币政策框架的比较研究和“通货膨胀目标制度”的适用性研究，在此基础上，论文探索了中国货币政策可能的发展方向。
Chapter one is documents review . the part of documents review includes the research development of the analysis of the advantage and disadvantage of several main intermediate aims , the kinds of inflation targeting and its practical effect , the analysis of inflation targeting , the analysis of the correlation of money supply volume and the choice of intermediate aim of china 第一章为理论综述，对关于几种主要的各国货币政策中介目标的优缺点的分析、对通货膨胀目标的类型和实践效果的研究、对通货膨胀目标法、对货币供应量指标的相关性分析、对于中国货币政策中介目标的选择的研究情况进行了综述。
With the new financial situation after china enter wto , it is important to estimate the intermediate aim of monetary policy used now and make realistic institution arrangement . this article discuss the opinion with six parts of documents review , summarizes of intermediate aim of monetary policy , several main intermediate aims , inflation targeting and its usage to china , the analysis of money supply volume and the choice of intermediate aim of monetary policy during transition 面对入世后新的经济金融形势发展，正确评价当前的货币政策中介目标以及作出合理的制度安排显得尤为重要。文章分为理论综述、货币政策中介目标概述、几种主要的货币政策中介目标、通货膨胀目标法及其对我国的适用性、货币供应量的三性分析、货币政策中介目标过渡时期的选择六个部分进行阐述。
There need some economic and financial situation , law situational market situation for the successful run of inflation targeting . because of the problem of the aim of monetary policy , the forecast of inflation rate , the self - control problem of monetary policy , the instruments of monetary policy and the conduct of monetary policy , inflation targeting does not suit china now , so does monetary policy with an implicit but not an explicit nominal anchor 通货膨胀目标法优势的发挥，必须具备一定的经济金融条件、法律环境和市场环境，由于货币政策目标问题、通货膨胀的预测问题、货币政策自身的调控力问题、货币政策工具问题和货币政策传导机制问题，通货膨胀目标法目前并不适合我国。
Using the macroeconomic model that can reflect financial structure and mechanism of monetary policy , the dissertation analyzes the applicability of intermediate target variables . the demonstration points that the way of using information variable is the realistic choice under the condition of complicate and changeful financial structure . as deflation becomes a realistic challenge to inflation targeting or monetary policy , the dissertation analyzes the state of deflation and liquidity trap and the role of inflation targeting in dealing with them 论文从确定性过渡到不确定性(冲击) ，从简单金融结构过渡到复杂金融结构，以金融结构? ?货币政策传导机制? ?货币政策框架选择为理论逻辑，利用能够反映金融结构和货币政策传导机制的宏观经济模型，研究货币政策中介目标或者信息变量的适用性，论证信息变量方法和“通货膨胀目标制度”是复杂多变的金融结构背景下的现实选择。
First , the dissertation demonstrates that inflation target should be a reach round zero referring to the research on optimal inflation rate , that is to say , anti - deflation and anti - inflation are both the task of inflation targeting . second , the dissertation distinguishes good and bad deflation by exploring the aggregate demand and supply factors causing the price presentation , meanwhile , inflation targeting can avoid the economy be trapped into bad deflation by setting and implementing inflation target . third , the dissertation analyzes liquidity trap by comparing with deflation and points that depreciating money and adjusting economic structure are respectively short - term and long - term projects dealing with it 作者将“通货紧缩”看作一种价格表现的同时，发掘造成这种价格持续下跌的表象背后的供求因素，在总供求分析的基础上，指出“通货紧缩”有“好” “坏”之分，而“通货膨胀目标制度”通过设定通货膨胀目标区间，能够及时阻止出现“坏”的通货紧缩；作者区分了“通货紧缩”和“流动性陷阱” ，指出货币贬值和经济结构调整分别是应对“流动性陷阱”的短期和长期方案。
In the forth part , i analyse the change of monetary intermediary target in developed country and the problem of operating policy in our country . then i argue that we should revise the intermediary target including gradually giving up the monetary quantity supplied and shifting into the control of inflation . we also should t settle a series of problems such as the independence and credibility of the people ' s bank of . china , the target in the operation of monetary policy , the range of inflation 第四部分通过分析发达国家货币政策中介目标的变化和我国当前货币政策在操作过程中遇到的问题，提出应对我国货币政策中介目标进行重新界定，主张逐步放弃货币供应量目标而转向建立一个通货膨胀目标下的货币政策框架，并在这一过程当中分别解决人民银行的独立性与可信性、货币政策操作的框架目标、可行的通货膨胀目标等一系列问题。
The dissertation tests statistically the real effect of monetary aggregate as the intermediate target of chinese monetary policy and the role of interest rate in current monetary policy framework . furthermore , the dissertation demonstrates the directive significance of inflation targeting to chinese monetary policy by analyzing chinese financial structure and mechanism of monetary policy 论文最后检验了货币供应量作为中国货币政策中介目标的实际效果和利率在现行货币政策框架中发挥的作用，并通过分析中国的金融结构和货币政策传导机制，论证了“通货膨胀目标制度”对于中国货币政策框架调整所具有的借鉴意义。
