金融稳定目标下中国货币政策规则研究

发布时间：2018-04-26 06:31

本文选题：金融稳定指数 + 货币政策　；参考：《财经研究》2017年10期

【摘要】：未考虑金融稳定目标的货币政策规则会忽视物价稳定下金融过度繁荣累积的潜在风险。文章在通货膨胀和产出两个目标变量的基础上,将金融稳定以指数的形式加入货币政策目标中,对包含金融稳定目标的泰勒规则所具有的特性进行了研究。研究发现:(1)金融稳定和产出在货币政策中可以平稳地传导,通货膨胀在货币政策中的传导不平稳。(2)央行在高通胀时会增加对金融稳定目标的关注,高通胀时产出缺口的扩大对利率的影响比低通胀时要大,利率需对通货紧缩做出更大的反应。(3)如果参照未包含金融稳定目标的货币政策规则进行宏观调控,则调控力度会被低估。(4)我国在货币政策调控中显著关注了金融稳定目标,逐渐趋于按照含有金融稳定目标的泰勒规则进行操作,因此将金融稳定目标加入货币政策规则中的研究内容和结论是有效的。
[Abstract]:Monetary policy rules that do not take into account the objectives of financial stability ignore the potential risks of excessive financial prosperity under price stability. On the basis of inflation and output, this paper adds financial stability to monetary policy objective in the form of index, and studies the characteristics of Taylor rule which includes financial stability target. The study found that: 1) Financial stability and output can be smoothly transmitted in monetary policy, and inflation in monetary policy is not stable. 2) when inflation is high, the central bank will increase its concern about the goal of financial stability. The impact of the widening output gap on interest rates is greater when inflation is high than when inflation is low, and interest rates need to respond more to deflation.) if we refer to the monetary policy rules that do not contain the objective of financial stability, Then the intensity of regulation and control will be underestimated. (4) in the control of monetary policy, China has paid significant attention to the goal of financial stability and has gradually tended to operate in accordance with the Taylor rule containing the target of financial stability. Therefore, it is effective to add the financial stability target to the monetary policy rules.
【作者单位】：上海财经大学应用统计研究中心;上海财经大学统计与管理学院;
【基金】：国家社会科学基金重点项目“我国创新驱动转型发展评价指数的构建与应用研究”(16ATJ004) 上海财经大学研究生科研创新基金项目“中国金融稳定指数的编制及应用研究”(CXJJ-2015-434)
【分类号】：F822.0

【相似文献】