金融稳定与央行货币政策目标——对“杰克逊霍尔共识”的再认识

发布时间：2018-04-29 09:52

本文选题：金融稳定 + 货币政策　；参考：《国际金融研究》2016年06期

【摘要】：金融危机之后,虽然各国央行开始意识到以维持物价和产量稳定为目标的货币政策框架忽视了信贷和资产价格对价格稳定的影响,但大多数央行决策者和金融界人士主张传统的货币政策框架应维持不变。在货币政策与金融稳定的关系上,他们仍旧坚持危机前就已广泛流行的观点,即认为只有当金融稳定风险影响到对通货膨胀和产量缺口预期的情况下,货币政策才有必要做出适当的反应。近几年来,西方一些金融理论界人士开始主张将金融稳定风险包括在货币政策目标之内,甚至少数国家央行已通过采取"逆风干预策略"将其付诸政策实践。国际清算银行最近明确提出,各国央行有必要在维持价格稳定目标的同时,考虑如何系统地将金融稳定作为其货币政策的目标之一。本文围绕金融稳定与货币政策的关系,重点讨论以下三个问题:第一,如何将金融稳定纳入央行货币政策的目标函数中;第二,如何定义和衡量金融稳定风险的指标;第三,如何理解货币政策与宏观审慎政策在应对金融稳定风险方面的作用。
[Abstract]:After the financial crisis, although central banks began to realize that monetary policy frameworks aimed at maintaining price and output stability ignored the impact of credit and asset prices on price stability, But most central bankers and financiers argue that the traditional monetary policy framework should remain unchanged. On the relationship between monetary policy and financial stability, they still hold to the pre-crisis view that it is only when the risks of financial stability affect expectations of inflation and production shortfalls. Monetary policy requires a proper response. In recent years, some financial theorists in the West have begun to advocate that the risk of financial stability should be included in the monetary policy objective, and even a few central banks have put it into practice by adopting "counterwind intervention strategy". The Bank for International Settlements has recently made it clear that central banks need to consider how to make financial stability one of their monetary policy goals while maintaining price stability targets. Focusing on the relationship between financial stability and monetary policy, this paper focuses on the following three issues: first, how to integrate financial stability into the objective function of central bank monetary policy; second, how to define and measure the risk of financial stability; third, How to understand the role of monetary policy and macro-prudential policy in dealing with financial stability risks.
【作者单位】：中国银行国际金融研究所;
【分类号】：F821;F831

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