股票价格、货币政策和宏观经济波动

本文对包含股票价格在内的新凯恩斯模型的结构方程进行估计,分析了股票价格和货币政策与宏观经济波动之间的关系,认为股票价格与宏观经济波动密切相连,货币政策调整可以平滑经济波动。在此基础上,比较了不同的货币政策规则的宏观调控效果,得到的结论是,将股票价格波动纳入货币政策的调控范围会改善货币政策效果,有助于稳定宏观经济。

Stock Price,Monetary Policy and Macroeconomic Fluctuations

This paper estimates the New Keynesian model including stock price using simultaneous equations method,analyzes the relationship between stock price,monetary policy and macroeconomic fluctuations.The main findings are as follows:firstly,there is close relationship between stock price and economic fluctuations;secondly,the monetary policy really smoothes economic fluctuations.Then this paper compares the effect of different monetary policy rules,and finds that it helps to minimize the fluctuations of macroec...