以货币政策和宏观审慎监管应对资产价格泡沫

发布时间：2019-06-16 19:28

【摘要】：由本次全球金融危机引发的资产价格与货币政策、宏观审慎监管之间关系研究的热潮是对以往货币政策和宏观审慎政策理论的一次深刻反思,将有可能导致理论上的重大突破和政策实践上的重大调整。这是当前全球货币政策理论和实践领域的最前沿、最热门的课题。从近期国外机构的研究来看,认为:(1)现有的通货膨胀指标不能全面准确反映货币购买力的变化,必然导致资产价格泡沫周期;(2)可以从经济金融变量中提取资产价格泡沫形成的早期预警信息,这为采用"逆风而动"的货币政策策略创造了条件;(3)现行的货币政策框架需要调整,以抑制资产价格泡沫的形成;(4)调整后的货币政策策略仍不足以应对金融失衡,需改进宏观审慎监管,与货币政策一起共同应对金融失衡。国外的研究对我国的政策实践具有借鉴意义。
[Abstract]:The upsurge in the study of the relationship between asset prices and monetary policy and macro-prudential supervision caused by the current global financial crisis is a profound reflection on the past monetary policy and macroprudential policy theory, which may lead to major breakthroughs in theory and major adjustments in policy practice. This is the most advanced and hot topic in the field of global monetary policy theory and practice. From the recent research of foreign institutions, it is considered that: (1) the existing inflation indicators can not fully and accurately reflect the change of monetary purchasing power, which will inevitably lead to the asset price bubble cycle; (2) the early warning information of the formation of asset price bubble can be extracted from economic and financial variables, which creates conditions for the use of monetary policy strategy of "moving against the wind". (3) the current monetary policy framework needs to be adjusted to curb the formation of asset price bubbles; (4) the adjusted monetary policy strategy is still insufficient to deal with financial imbalances, so it is necessary to improve macro-prudential supervision and deal with financial imbalances together with monetary policy. Foreign research has reference significance to the policy practice of our country.
【作者单位】：中国人民银行上海总部;
【分类号】：F822.0;F832.0

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