我国货币政策是否要应对资产价格泡沫

China's monetary policy is to deal with asset price bubbles

研究结果表明,我国货币增长与房价上涨之间存在着显著的互为因果关系,货币供给对上证综指存在着单向因果关系。因此,货币政策应对房市泡沫必须采取事前应对策略,而对股市泡沫可以采取事后应对策略。针对房价泡沫,货币政策应采取及时紧缩货币措施进行干预,甚至可以采用刺破泡沫的极端手段。

From the empirical analysis conclusion and theory and practice,and reveals the monetary explain growth and rising home prices are significant causal relationship,and the money supply to the Shanghai composite index also has one-way causality.Thus monetary policy can be different from the housing bubble and the stock market bubble of the housing bubble,must deal with,and advance to the stock market bubble can afterwards to deal with it.To the house bubble should be tightening monetary intervention can even extreme pierced the bubble.