股票市场、货币需求与总量经济:一般均衡分析

Stock Market,Money Demand and Aggregate Economy: A General Equilibrium Analysis

近几年来我国实体经济与股票市场的表现出现较大差别 ,与传统理论 (如财富效应、Q效应 )相违背。本文认为传统观点实质上是一种局部均衡分析 ,没有考虑货币市场的影响。为此 ,本文引入一个简单的一般均衡模型 ,在考察股票市场对货币需求影响的基础上 ,全面综合分析股票市场对实体总量经济的影响。文章还着重分析了我国股票市场对实体经济作用有限或滞后的原因 ,并提出相关政策建议。

There is a relatively large difference between the real economy and the stock market in recent years in China.This phenomenon is contrary to the traditional theory such as wealth effect and Q effect.This paper holds that the traditional viewpoint is in fact a partial equilibrium analysis without consideration given to the influence of the money market.Thus,this paper introduces a simple general equilibrium model with the purpose of analyzing comprehensively the impact of the stock market on the real aggregate economy based on the study of the impact of the stock market on the money demand.Moreover,this paper focus on the reason why China's stock market plays a limited or lagging role in the real economy and put forward some relevant policy proposals.