资产价格、通货膨胀与中国货币政策体系的完善

On the Assets Price,Inflation and the Improvement of Monetary Policy System in China

通过理论分析和实证研究,揭示了资产价格与实体经济、通货膨胀之间的关系机理,肯定了资产价格波动对宏观经济、金融稳定的影响和在央行制定货币政策中的作用,论证了将资产价格作为货币政策调控目标存在的困难。密切关注资产价格的变化、改进和完善货币政策体系是我国央行的现实选择。

Based on theoretical analysis and empirical study, the paper discusses the relationship between assets price and real economy and inflation, and proves that fluctuation of asset price has the effect on macro -economy, financial stability and monetary policy as well as the difficulty of the asset price as the target of monetary policy regulation. Finally, the author points out that the central bank should pay much attention to the changes of asset price and further improve the monetary policy system.