基于金融稳定的货币政策框架修正研究

文章构造了一个四期二叉树模型,对货币稳定和金融稳定的关系进行了分析,发现仅以维护货币稳定为目标的货币政策无法同时实现金融稳定。基于此,文章对货币政策框架进行了修正,将货币稳定和金融稳定纳入统一的货币政策框架予以考察,并对我国货币政策的实践进行了实证分析。VAR检验结果表明,银行信贷增长率和房地产价格指数都是我国货币政策应当关注的金融稳定指标。货币政策应根据金融稳定指标进行逆周期调控,调控重点是金融稳定指标预期,而非稳定指标本身。

A Probe into Monetary Policy Framework Modification Based on Financial Stability

Maintaining financial stability is one of the most important tasks of central banks,and maintaining price stability and promoting economic growth are the other two important tasks.The paper tries to put all these tasks into one whole monetary policy framework and to modify the objective function of central banks.The conclusion is that monetary policy should pay more attention to the expectation of financial stability index than to the index itself.Therefore,mild movement of monetary policy is more suitable to maintain financial stability.