资产价格、货币政策与相关政策协调

Asset Price,Monetary Policy and the Coordination of Related Policies

本文扩展了最优货币政策规则模型,考察了货币政策与其它逆周期调控政策的配合问题。通过理论分析和数字模拟,结果显示多种政策工具的配合确实能够更有效地稳定资产价格及宏观经济;我们的研究还表明,即使在有其它工具配合的情况下,货币政策仍需要对资产价格波动进行适当反应。

We expand the optimal monetary policy nile model and examine the coordination issues of mone- tary policy and other policies. Theoretical analysis and simulation show that the coordination of two or more policy tools can indeed stabilize asset prices and macroeconomic more effectively. Even in the case with other tools, the optional monetary pohcy still needs to react directly to the asset price fluctuations.