股票价格应列入货币政策调控目标吗?

Should the Stock Price be the Adjustment Objectives of Monetary Policy?

股票价格是否应列入货币政策调控目标是货币经济学的一个重要理论问题,也是股票价格与货币政策调控目标之间关系的核心问题。围绕这一重大理论和实践问题,学术界形成两种不同的观点:"直接反应论"认为货币当局应密切关注股票价格的变化,对股票价格的剧烈波动进行直接干预,或者将其与一般商品劳务价格合并构建价格指数,以此作为货币政策的调控对象;"间接反应论"认为货币政策不应对股票价格的波动做出直接反应,甚至不应对其做出任何反应,或者只有在其影响货币政策调控目标的实现时才做出反应。

Should the stock price be the adjustment objectives of monetary policy is one of important theoretical issues of monetary economics, and also be the core issues of the ralationship between stock price and monetary policy. Around this problem, academia forms two different opinions： the first one, they thought that the monetary authorities should pay attention to the change of stock price ; while the other one thought the opposite.