资产价格波动与货币政策研究

发布时间：2018-07-09 10:55

本文选题：资产价格 + 货币政策目标　；参考：《东北财经大学》2005年硕士论文

【摘要】：自从有金融资产和资产交易,资产价格的暴涨暴跌问题就一直困扰着各国经济运行。随着资本市场地位在经济中逐步提升及其引起的金融结构的不断变化,资产价格波动对经济和金融体系稳定的威胁越来越大,因此资产价格与货币政策问题越来越引起人们的高度重视和理论界的广泛讨论。本文通过探讨了资产价格波动对宏观经济和货币政策的影响,得出资产价格在整个宏观经济和货币政策调控中的重要作用,并重点分析了在新的经济环境下,货币政策应如何关注资产价格波动。沿着这一逻辑主线,论文基本框架如下: 第1章通过研究资产价格波动的微观因素,探讨了资产价格波动对经济的影响渠道和效应。第2章从资产价格对货币需求、货币流通速度和货币传导机制三个方面探讨资产价格对货币政策的影响。第3章结合理论研究,对我国资产价格(股票市场)波动对货币政策影响进行了实证分析,并得出结论:目前我国资产价格波动对货币政策影响并不显著。第4章通过对货币政策目标理论的研究,提出对于资产价格波动应采取有条件盯住通胀的前瞻性货币政策。由于我国资本市场并不完善,我国货币政策不宜盯住资产价格,但是对资产价格波动中央银行有必要严格关注。
[Abstract]:Since the financial assets and asset transactions, asset prices have been bothering the economy. With the gradual upgrading of the status of capital markets in the economy and the continuous changes in the financial structure resulting from them, fluctuations in asset prices are increasingly threatening the stability of the economy and the financial system, Therefore, asset prices and monetary policy issues have been paid more and more attention and widely discussed in the theoretical circle. This paper discusses the influence of asset price fluctuation on macroeconomic and monetary policy, and points out the important role of asset price in the whole macro-economic and monetary policy regulation, and analyzes the new economic environment. How monetary policy should focus on asset price volatility. Along this logical thread, the basic framework of the thesis is as follows: chapter 1 studies the micro factors of asset price volatility. The influence channel and effect of asset price fluctuation on economy are discussed. Chapter 2 discusses the influence of asset price on monetary policy from three aspects: the demand of asset price to money, the velocity of money circulation and the mechanism of monetary transmission. The third chapter makes an empirical analysis of the impact of asset price fluctuation on monetary policy in China, and draws a conclusion: at present, the impact of asset price fluctuation on monetary policy is not significant. In chapter 4, through the study of the monetary policy objective theory, we propose that we should adopt a forward-looking monetary policy which is conditional on inflation in the case of asset price fluctuation. Because the capital market of our country is not perfect, the monetary policy of our country should not be fixed on the asset price, but it is necessary for the central bank to pay close attention to the fluctuation of the asset price.
【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2005
【分类号】：F820

【引证文献】