摘要
如何确定最优的利率水平以促进宏观经济的发展,是货币政策制定过程中最为关键的问题之一。本文在回顾传统泰勒规则的基础上,总结了当前学术界研究泰勒规则的各种改进成果,进而结合我国宏观经济发展状况,探讨在资产市场规模不断扩大的情况下,我国的货币政策是否考虑了资产市场的价格波动。研究结果表明,我国目前的货币政策可能适度考虑了资产价格波动对宏观经济的影响,但利率政策对资产价格波动反应不敏感,资产价格波动尚未成为影响我国利率政策的重要决定因素。
How to optimize the interest rate to stimulate the macroeconomic development is the most essential issue in the process of monetary policy formulation. This paper reviews the ideas of the traditional Taylor Rule, and illustrates various further researches to improve Taylor Rule. It discusses whether China has taken asset price fluctuation into account to adjust its interest rate. The result shows that asset price fluctuation is not a significant influencing factor for interest rate determination in China currently for its insensitivity, though the influence of asset price fluctuation on macro economy is taken into account when formulating monetary policy.
出处
《南方金融》
北大核心
2012年第2期23-26,共4页
South China Finance
