资产价格波动、货币政策反应与实体经济牵扯

The Fluctuation of Asset Price,the Reaction of Monetary Policy and the Real Economy Involved

资产价格的大幅波动会带来宏观经济、金融的不稳定。次贷危机的发生,更是让人认为货币政策应该对资产价格的波动作出反应。货币政策要针对资产价格作出反应面临的种种困境:资产价格膨胀往往与通货膨胀的目标不相容;货币政策作为一种很"钝"的工具,在平抑资产价格膨胀上不一定能取得好的效果,反而会对实体经济造成更大的负面冲击;金融创新和开放经济条件下资本自由流动更是削弱了货币政策应对资产价格的效力。从中国货币政策的操作实践来看,中国应对资产价格膨胀已是当务之急。

Fluctuation of asset price will bring the macroeconomic and financial instability. What had happened in the sub-prime mortgage crisis even makes people believe that monetary policy should respond to the fluctuation of asset price. However, there are several puzzles coming together with the reaction. Fluctuation of asset price are always incompatible with inflation target. As a blunt instrument, monetary policy may not moderate fluctuation of asset price, but bring even greater negative impact to real economy. Financial innovation and free flow of capital also weaken the effect of monetary policy. Accordingly, policy suggestion for dealing with asset price inflation is brought forward.