首页 | 本学科首页   官方微博 | 高级检索  
     检索      

中国货币政策对资产价格波动反应的模拟分析
引用本文:王胜,田涛.中国货币政策对资产价格波动反应的模拟分析[J].技术经济,2013(3):105-109,117.
作者姓名:王胜  田涛
作者单位:武汉大学经济与管理学院,武汉430072
基金项目:国家自然科学基金面上项目“不完全汇率传递下的货币政策研究与福利分析”(71273200);国家自然科学基金面上项目“部门异质性、核心通货膨胀与最优货币政策--基于多部门新凯恩斯模型的研究”(71173160)
摘    要:利用包含汇率波动和通胀预期的IS-Philips模型推导考虑资产价格的货币政策反应函数。在此基础上,分别以股价和房价作为资产价格的代理变量,模拟分析了资产价格波动对中国经济的影响。研究结果表明:考虑资产价格的货币政策在平抑产出和物价波动方面具有显著作用,但会增大利率波动幅度;考虑房价波动的货币政策比考虑股价波动的货币政策在平抑产出和物价波动方面具有更好的效果;与考虑股价波动的货币政策相比,考虑房价波动的货币政策对利率的冲击更小。

关 键 词:资产价格  汇率波动  通胀预期  货币政策

Simulation Analysis on Reaction of China's Monetary Policy to Asset Price Volatility
Wang Sheng,Tian Tao.Simulation Analysis on Reaction of China's Monetary Policy to Asset Price Volatility[J].Technology Economics,2013(3):105-109,117.
Authors:Wang Sheng  Tian Tao
Institution:(School of Economics and Management, Wuhan University, Wuhan 430072, China)
Abstract:By introducing the fluctuation of exchange rate and inflation expectation, this paper uses the IS-Philips model to deduce the monetary policy reaction function eonsidering asset price. Then taking stock price and house price as the proxy variable of asset price respectively,it simulates the effect of fluctuation of asset price on China's economy. The result shows as follows:monetary policy considering house price has significant effects on stabilizing output and priee fluctuation,but eauses the fluctuation of interest rate to increase;compared with monetary policy considering stock price,monetary policy considering house price has a better effect on stabilizing output and price fluctuation;compared with monetary policy considering stock price,monetary policy considering house price has smaller shock on the fluctuation of interest rate.
Keywords:asset price  fluctuation of exchange rate  inflation expectation  monetary policy
本文献已被 维普 等数据库收录!
设为首页 | 免责声明 | 关于勤云 | 加入收藏

Copyright©北京勤云科技发展有限公司  京ICP备09084417号