货币政策与资产价格:经典理论、美联储实践及现实思考

Monetaey Policy and Asset Prices:Classical Theory,Practice of the FED and Some Reflections

近期国内外资产价格的快速上涨又一次引发了大家对货币政策和资产价格关系的热烈讨论。本文对有关重要理论和经典分析框架进行回顾,并对现实情况进行一些探讨。资产价格可以通过两种方式影响货币政策:资产价格既可以作为传导货币政策的途径,也可以是货币当局所使用信息的重要部分。我们用经典的Bordo-Jeanne理论框架分析了货币当局在资产价格膨胀时所面临的困境。然后我们以美国为例,用两种不同的实证方法探讨了美联储是否"真的"受到了资产价格波动的影响。最后我们还结合中国的现状进行分析。

The hike of the asset prices around the world recently trigger the discussion about the relationship between monetary policy and asset prices. This paper review the important theory and classical analysis framework. Asset prices could impact the monetary policy by two ways： It may be not only the transmition channel of the monetary policy, but also the important content which the monetary authority use. According the Bordo-Jeanne Model, we could see the dilema the monetary authority may face. Then we think about if the FED＇s policy was affected by the asset prices. Finally we discuss some reality in china.