我国股票市场发展与货币政策抉择

股票市场的迅速发展对现行的货币政策框架提出了巨大挑战，货币政策是否调控股票价格成为当前货币理论研究的一个重要课题。本文结合我国实际，从货币政策最终目标、中介目标、传导机制和政策工具几个方面分析了股票市场发展对货币政策的挑战。结合以上分析，笔者建议当前股票价格还不宜纳入货币政策框架内，但不能忽视对股票市场的关注。

The Development of the Chinese Stock Market and the Choice of Monetary Policies

The rapid development of stock market give a big challenge to monetary policy and whether monetary policy should anchor stock price has been one of the most advanced issues. This paper analyze the challenges stock market put forward to monetary policy from the long-run target ,midway target,transmission mechanism and implement of monetary policy. On the basis of above-mentioned analysis, this paper points out that central bankers should not take stock price changes into account at present, but should pay attention to the fluctuation of stock price.