利用货币政策应对股市泡沫

Coping with Stock Market Bubble through Monetary Policy

从一个简单的理论模型出发,得出货币政策干预股市泡沫的必要性及如何干预等一些有益结论。并在此基础上指出:目前虽然还不能以股票价格作为货币政策的操作目标,但是我国货币政策仍应关注股票价格、防止股市泡沫扩大化,并应适当控制货币供应量的增长速度。

The paper begins with a simple theoretical model,and comes to some beneficial conclusions such as the necessity of monetary policy intervening stock market bubble and how to intervene it and etc.And on this basis the paper points out that at present,stock price can not serve as the operation objective of monetary policy,but our country＇s monetary policy should still concern stock price,and prevent expansion of stock market bubble;and should appropriately control the growth rate of money supply.