资产价格、汇率与最优货币政策

发布时间：2018-01-12 21:16

本文关键词：资产价格、汇率与最优货币政策　出处：《厦门大学学报(哲学社会科学版)》2011年02期 　论文类型：期刊论文

更多相关文章： 资产价格 汇率 最优货币政策 GMM模型

【摘要】：资产价格和汇率会对货币政策的最终目标产生影响,而货币政策也会对资产价格和汇率的变动作出响应。在考虑包含资产价格和汇率的央行最优货币政策规则,采用最优化方法求解出最优货币政策的基础上,通过实证研究可进一步构建出我国央行的最优货币政策规则(或最优货币政策反应函数)。结论表明,我国最优货币政策规则首先应重点关注资产价格(股价),其次应注重国内物价(通胀)和汇率,以及货币供给的增速,最后才是产出缺口。我国应加快利率市场化进程,逐步实行利率政策为主导的货币政策机制;加强对资产价格的监控与管理,将资产价格的变化状况纳入到日常的管理体系中;综合运用多种工具以维持人民币汇率稳定。
[Abstract]:Asset prices and exchange rates have an impact on the ultimate objective of monetary policy, which also responds to changes in asset prices and exchange rates. On the basis of solving the optimal monetary policy by using the optimization method, the optimal monetary policy rules (or the optimal monetary policy response function) of the central bank of China can be further constructed by empirical research. The conclusion shows that. China's optimal monetary policy rules should first focus on asset prices (stock prices), second on domestic prices (inflation) and exchange rates, as well as on the growth of money supply. Finally, the output gap. China should speed up the interest rate marketization process and gradually implement the monetary policy mechanism dominated by interest rate policy; Strengthen the monitoring and management of asset prices, and incorporate the changes of asset prices into the daily management system; Comprehensive use of a variety of tools to maintain the stability of the RMB exchange rate.
【作者单位】：厦门大学金融系;
【基金】：国家社科基金项目“中国外汇储备风险测度及管理研究”(07BJY157)
【分类号】：F224;F822.0;F832.6
【正文快照】： 一、引言和文献评述一般而言,货币政策的最终目标主要有四个:物价稳定、充分就业、国际收支平衡与经济增长。《中国人民币银行法》规定我国的货币政策的目标是币值稳定,并以此促进经济的增长。稳定币值包括了币值的对内稳定,即物价稳定,和币值的对外稳定,即汇率稳定。随着资

【参考文献】