全球化、资产价格变动与中国货币政策反应——基于泰勒规则的扩展研究

在经济全球化、虚拟化的背景下对泰勒规则进行了扩展研究,分析了利率与汇率、利率与资产价格的相关影响机制;并采用静态模型和基于预期的动态模型对名义利率与通货膨胀水平、产出缺口、汇率、股票价格缺口以及房地产价格缺口之间的关系进行了检验。结果显示,考虑预期因素的动态模型能够达到稳定通货膨胀的作用,短期名义利率对于汇率和资产价格起到了符合经济意义的稳定作用。

Taylor Rule's Applicability in China:A Modification Empirical Test

Under the background of economic globalization and virtualization,this paper has conducted the development research to Taylor rule,analyzed the related influence mechanism of interest rate and the exchange rate,interest rate and property price,and tested relations among nominal rate and inflation level,output gap,exchange rate,stock price gap,as well as real estate price gap by using the static model and the anticipated dynamic model.The result shows that short-term nominal rate could stabilize inflation in...