中央银行在控制资产价格膨胀中的作用——一个系统性解决方案

The Role of Central Banks in Controlling Asset Price Inflation——A Systemic Solution

经济金融环境变化使现代中央银行政策框架设计的局限性越来越明显。单一货币政策难以实现资产价格和金融稳定多重目标。立法机构和央行有必要根据环境变化以及资产价格特征设计涵盖资产价格和金融稳定的央行政策体系。本文力图突破目前关于央行应对资产价格的干预论和不干预论的局限,在更广泛范围内探讨对现代央行控制资产价格膨胀具有普遍适用性的一体化解决方案,包括政策框架及手段。

The policy structure of modem central banks has been lagging behind the ever changing economic and financial environment. Monetary policy alone can no longer achieve multiple objectives including asset price and financial stability. Legislative bodies and the central banks need to rethink central bank＇ s policies in terms of asset and financial stability, based on the environment change as well as the characteristics of the asset price. This paper seeks to provide an integrated solution for central banks to control asset price inflation, including the policy framework as well as particular policy instruments.