资产价格与货币政策

随着资本市场的发展和金融资产存量的增加 ,资产价格的波动对货币政策提出了诸多挑战。本文讨论了资产价格与货币政策目标的关系 ;资产价格在货币政策传导过程中对消费、投资和金融体系的影响 ;以及货币政策操作中有关资产价格的争论 ;最后提出了这一研究领域中存在的问题

Asset Prices and Monetary Policy

With the development of capital market and the accumulation of financial assets,the volatility of asset prices has posed challenges to monetary policy in many dimensions.This paper studies the relationshop between asset prices and traditional monetary policy targets,such as inflation and general price level;the effects of asset prices volatility on the consumption,the investment and the safety of financial system in the mechanism of monetary policy transmission.Debate on whether and how to deal with asset prices in monetary authority practices is discussed as well.The paper ended with some questions raised for further study.