对新时期基层央行高效履职的思考

Empirical Analysis of the Relationship between Monetary Policy and Asset Price Volatility

按照中央经济工作会议的要求，2013年基层人民银行既要继续贯彻落实稳健的货币政策，同时又要保持贷款适度增长，支持地方经济持续健康发展，如何将二者相结合，笔者认为需要坚持“五位一体”的总体工作思路，并与高效履行央行职责紧密结合，即坚持做大总量、提高质量、

There is a tendency gradually in many countries that asset-price-fluctuation is getting off the real economy development, which also generates influence upon real economy and general price level. This article, on the basis of discussing the mutual influence mechanism between real monetary police and assets price, with Sino-American related data as the basis, empirically evidences assets price fluctuation would indeed exert momentous influence to the real economy of a country. However, in different economic communities, the measure and significance of the influence is varied from the types of asset market.