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为何货币政策需要关注资产价格 被引量：1

Why Monetary Policy Should React to Asset Price
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摘要 讨论了最优货币规则模型、有效市场假说和Taylor规则之间的理论联系。通过将资产价格因素纳入最优货币规则模型,对货币政策是否应当关注资产价格问题进行研究。理论分析和模拟结果建议将资产价格波动纳入货币政策反应函数。 The paper discusses the theoretical relations among optimal monetary rules model, efficient market hypothesis and Taylor＇s rule. The authors make a research on whether monetary policy should react to asset price by taking asset price factor into the optimal monetary rules mod- el. Theoretical analysis and the simulation results suggest that asset price volatility should be taken into the reaction function of monetary policy.
作者 邓翔 郭锐
机构地区 四川大学经济学院
出处 《云南财经大学学报》 CSSCI 北大核心 2013年第5期11-16,共6页 Journal of Yunnan University of Finance and Economics
关键词 货币政策 资产价格 泰勒规则 有效市场假说 Monetary Policy Asset Price Taylor＇s Rule Efficient Market Hypothesis
分类号 F830 [经济管理—金融学]
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参考文献13

  • 1Taylor, J. B. (1993). "Discretion Versus Policy Rules in Practice," Corniege - Rochester Conference Series on Public Policy, Vol. 39, 195 -214.
  • 2Bernanke, B., and Mark Gertler. (2001). " Should Central Banks Respond to Movements in Asset Prices?," American Economic Review 91,253 - 257.
  • 3Mishkin, F. (2009). "Is Monetary Policy Effective During Financial Crises?," NBER Working Papers, No 14678.
  • 4Kontonikas, A. , and A. Montagnoli. (2002). "Has Monetary Policy Reacted To Asset Price Movements: Evidence From The Uk," Economics and Finance Discussion Papers 02 - 11,.Economics and Finance Sec- tion, School of Social Sciences, Brunel University.
  • 5Cecchetti, Stephen G.. (2003). " What the FOMC Says and Does When the Stock Market Booms. Asset Prices and Monetary Policy," Proceedings of the Annual Research Conference of the Reserve Bank of Austral- ia. Ed.
  • 6Richards, A. Kontonikas, A. , and A. Montagnoli. (2006). "Optimal Monetary Policy And Asset Price Misalignments," Scottish Journal of Political Economy, Scottish Economic Society, vol. 53 (5), pages 636 - 654, November.
  • 7Svensson, L. (1997). "Optimal Inflation Targets, ' Conservative' Central Banks, and Linear Inflation Con- tracts," American Economic Review, vol. 87 (March) , pp. 98 -114.
  • 8Woodford, M. (2003). Interest And Prices : Foundations of a Theory of Monetary Policy(中译本)[M].北京:中国人民大学出版社,2010.
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  • 10Ball, L. M. (1999). "Efficient Rules for Monetary Policy", International Finance, 2, 63 -83.

二级参考文献13

  • 1Bernanke, Ben and Mark Gertler. Monetary Policy and Asset Price Volatility [M]. Economic Review, Federal Reserve of Kansas City, Fourth Quarter, 1999 ,pp. 17-51.
  • 2Bernanke, Ben and Mark Gertler. Should Central Banks Respond to Movements in Asset Prices? [J ].American Economic Review 91 (2), May , 2001, pp. 253-257.
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  • 6Hayford ,M. D, and A.G., Malliaris. Is the Federal Reserve Stock Market Bubbles-Neutral [A]. George G. Kaufman Eds.. Research in Financial Services: Private and Public Policy[C]. 2001, Volume 13.
  • 7Judd J. P. and Rudebusch, G. R.. Taylor's Rule and the Fed: 1970-1997[J]. FRBSF Economic Review, 1998,(3):3-16.
  • 8McCallum Bennett T. Should Monetary Policy Respond Strongly to Output Gaps?, NBER Working Paper[R]. No.8226, 2001.
  • 9Taylor, J. Discretion Versus Policy Rules in Practice [A].Carnegie-Rochester Conference Series on Public Policy[C]. 1993, 39, 195-214.
  • 10Taylor, J.. A Historical Analysis of Monetary Policy Rules[A]. J. B. Taylor Eds.. Monetary Policy Rules[C]. 1999.

共引文献13

同被引文献5

引证文献1

二级引证文献2

云南财经大学学报
2013年 第5期

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