摘要
股票价格波动会影响金融机构、普通工商企业和家庭等组织与个人的经济行为,各方经济行为会影响基础货币数量和货币创造乘数,从而影响货币供给。股票价格对货币供给有正向影响,且二者存在长期均衡关系。为此,在货币政策的制定和执行过程中,货币当局需考虑股票价格变化;但是,由于股票价格对货币供给的影响程度较小,货币当局还不能将股票价格纳入货币政策目标体系,即货币当局应关注但不应紧盯股票价格。
The fluctuation of stock price will affect base currency and money multiplier,then money supply,through influencing economic behavior of financial institutions,general industrial and commercial enterprises and families.There is a long-term equilibrium relationship between stock price and money supply,so monetary authorities must pay attention to the change of stock price when formulating and implementing monetary policy.But since the influence is weak,monetary authorities cannot bring stock price into the goal system of monetary policy.In another words monetary authorities should pay attention to stock price,instead of staring at it.
出处
《武汉大学学报（哲学社会科学版）》
CSSCI
北大核心
2015年第5期68-75,共8页
Wuhan University Journal：Philosophy & Social Science
基金
山西省社科联社会科学"十一五"规划重点课题(SSKLZDKT2009050)
