货币政策目标、资产价格波动与最优货币政策

Monetary Policy Targeting,Asset Price and The Optimal Monetary Policy

货币政策目标的实现程度是判定货币政策优劣的标准。通过建立中央银行的决策模型,推导出忽略和考虑资产价格的最优货币供应量反应函数,并据此对中国不同货币政策目标下的宏观经济运行进行模拟,以认识货币政策目标对资产价格波动与最优货币政策之间关系的影响,结果表明最优货币政策是否应该对资产价格的波动反应取决于货币政策目标。因此,应充分重视货币政策目标的取向,同时加强对最优货币政策目标确定的研究。

The validity and merits of the monetary policy is reflected in the level of the attainment of its ultimate goal. In this paper, we built up a decision -making model of central bank and deduced the optimal money supply reaction function of ignoring and considering asset price. In order to clarify the relationship between the optimal monetary policy and asset price volatility, we simulated the macroeconomic performance of optimal reaction function of ignoring and considering asset price in a wide range of monetary policy objective. We concluded that the change of monetary policy objective had a great influence on the reaction of monetary policy to asset price. Therefore, monetary policy maker should pay full attention to monetary policy goal orientation as well as the research on its goal set.