货币政策可以干预资产价格波动吗——基于中国股票市场的研究

Should Monetary Policy Respond to Volatility in Asset Prices——A Study on China's Stock Market

本文借鉴了国外学者的研究方法与结论,对中国股票市场与货币政策的关系进行了实证检验。本文认为,中国股票市场的投资效应和财富效应均不显著,股票市场在货币政策传导中的作用还未得到有效发挥;货币政策对股票市场的影响是不确定的,在现有的条件下,央行不能有效地干预股票市场以调控资产价格波动。所以,中国央行当前不应该将资产价格波动纳入货币政策的调控范围,而是要逐步完善股票市场和货币政策体系,建立两者良性互动的关系,在此基础上寻求货币政策调控股票价格波动的有效方式。

This paper draws on the research methods and conclusions of foreign scholars,and takes an empirical test on the relations of China＇s stock market with monetary policy. This paper argues that in China the Investment Effect and Wealth Effect of stock market are both not significant,and the influence of stock market on monetary policy transmission mechanism hasn＇t been effective. Meanwhile,the impact of monetary policy on stock market is uncertain,and central bank couldn＇t effectively regulate asset prices volatility under the current situation. Therefore,the central bank of China shouldn＇t take asset prices volatility into consideration,but gradually improve the stock market and monetary policy system and set up a healthy interaction relationship between them,then pursue effective methods of regulating stock price volatility on this basis.