摘要
货币搜寻理论为货币、物价与资产价格三者之间的非线性关系提供假说,使货币当局便于在不同经济状态中把握干预物价与资产价格的时机。在此理论基础上,笔者构建MS-VAR模型并进行实证检验,结果表明:在股票市场低迷时期,货币供应量和利率调节都可以对股票市场产生影响;在股票市场繁荣时期,更适宜使用利率手段抑制资产价格上涨。我国央行应在必要时干预资产价格,并注意多种工具的协调使用以及总量调控与价格调控在不同时期的各有侧重。
Monetary Search Theory offers hypotheses about the nonlinear relationship among money,commodity prices and asset prices,in order to facilitate the monetary authorities to grasp the opportunity to intervene in prices and asset prices in different economic status more accurately. On the basis of the theory,the paper establishes the MS-VAR model to conduct empirical tests. The result shows that money supply and interest rate adjustment can have an impact on the stock market in the downturn of the stock market. When the stock market boom,it is more appropriate to use interest rate to inhibit the rise of asset price. The central bank should intervene in the asset price when necessary,pay attention to use a variety of tools,and place a particular emphasis on one aspect in different periods to control and coordinate price regulation.
出处
《经济经纬》
CSSCI
北大核心
2016年第6期125-130,共6页
Economic Survey
关键词
货币政策
通货膨胀
资产价格
非线性关系
Monetary Policy
Inflation
Asset Price
Nonlinear Relationship
