资产价格波动对货币需求函数稳定性的影响——基于日本的经验分析

发布时间：2018-05-29 15:16

本文选题：资产价格 + 货币需求函数　；参考：《上海金融》2012年08期

【摘要】：金融自由化以来,日本货币需求函数的构成要素发生了显著变化,而且很不稳定,即使同一要素在不同历史阶段对货币需求的影响也有所差别。特别是资产价格的波动通过诱使经济主体资产负债表发生变化,加剧了货币需求结构的剧烈变动。因此,从货币调控的角度来讲,平抑资产价格必须综合考虑货币供求两个层面的变化,而不能单纯依赖货币总量调控手段。
[Abstract]:Since the financial liberalization , the constituent elements of the Japanese currency demand function have changed significantly , and the effect of the same element on the money demand is different even in different historical stages . Especially , the fluctuation of the asset price increases the drastic fluctuation of the money demand structure . Therefore , from the angle of monetary regulation , the price of the flat - down assets must take into account the change of the two levels of the supply and demand of the money , and cannot rely solely on the monetary amount control means .
【作者单位】：南京大学商学院;
【分类号】：F823.13;F833.13

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