Abstract: As a new and useful regulation tool, central bank communication (CBC) has been taken into the special monetary policy by many countries. Taking the Federal Reserve (FED) as the research sample, this paper studies and compares the two regulated effects with or without the combinative matching between central bank communication and actual intervention tool. The results show that there exists a cause-and-effect relationship between CBC, CPI and economic growth. Meanwhile, compared with the mismatching of actual intervention tool, in the context of the matching of CBC, the forward looking guide can more effectively lead economic subjects to forming rational expectation, and the degree of impact and the contribution rate of CPI and economic growth will be greater. China should take CBC as the normalized regulating means in its monetary policy, so as to realize the combinative matching with the actual intervention tools on the basis of the clarified implementation framework, range of action and transmission mechanism of CBC.

Key words: central bank’s communication; actual intervention tools; combinative matching; the Federal Reserve