摘要
文章对资产价格在货币政策传导中的作用进行实证研究,结果表明,我国同时存在着从中央银行到资产价格的高效传导和从资产价格到实体经济的低效传导,资产价格的波动损害了货币政策的传导效率以及金融体系的稳定性。在这种情况下,我国中央银行不应把资产价格纳入货币政策的最终目标,而应适时和适度地对资产价格作出反应。
The papers do positive analysis on the role of asset price on the transmission of monetary policy.The results show that there are high efficiency in the transmission from the central bank to asset price and low efficiency from asset price to real economics.The fluctuations of asset prices lower the transmission efficiency of monetary policy and impair the stability of financial system.Under such circumstances,the central bank shouldn＇t bring the asset prices into the ultimate goals of monetary policy and should respond to asset prices moderately at suitable time.
出处
《华东经济管理》
2007年第4期130-132,共3页
East China Economic Management
