货币政策应对资产价格泡沫新议

发布时间：2018-05-13 03:21

本文选题：货币政策 + 资产价格泡沫　；参考：《经济体制改革》2011年06期

【摘要】：结合美国经济数据,对次贷危机前美联储信奉的"货币政策无需直接应对资产价格泡沫"的主流理论进行了反思,基于对资产价格泡沫的成本、可识别性以及应对方式的分析,笔者认为,资产价格泡沫破裂可能带来高成本,而资产泡沫可以渐进识别,中央银行应当直接针对资产价格泡沫风险采取货币政策措施,但这种直接应对不应当是机械的,其目的应当是防止形成严重的资产价格泡沫,而不是直接调控资产价格水平。
[Abstract]:Combined with American economic data, this paper reflects on the mainstream theory that the Federal Reserve believed in before the subprime mortgage crisis that "the monetary policy does not have to deal with asset price bubbles directly", based on the analysis of the cost, identifiability and coping style of asset price bubbles. In my opinion, the bursting of asset price bubble may bring high cost, and asset bubble can be gradually identified. The central bank should take monetary policy measures directly against the risk of asset price bubble, but this kind of direct response should not be mechanical. The aim should be to prevent a serious asset price bubble, rather than directly regulating asset price levels.
【作者单位】：四川大学经济学院;中国人民银行总行研究生院;
【分类号】：F822.0

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