开放型大国货币政策对资产价格波动反应研究——基于新凯恩斯风险外溢视角

Response of Monetary Policy on Asset Price Fluctuations in an Opening- type Big Country——Based on the new Keynesian risk spillover perspective

基于新凯恩斯风险外溢视角,探讨了开放型大国货币政策是否应该对资产价格波动进行回应。在对四种可选择货币规则比较后发现:相对于基准规则,其它三种对资产价格波动做出了反应的货币规则都提升了社会福利效应,而对国内外两种资产价格波动都进行反应的混合型货币规则更是带来了社会福利损失更小化。因此,在一个两国风险外溢框架下,开放型大国央行在执行货币政策时不但应该对国内资产价格波动进行反应,也应该对国外的资产价格波动进行反应。

Based on the new Keynesian risk spillover perspective,this paper explores whether the monetary policy in the open country should respond to asset price fluctuations.Through comparing four alternative monetary policy rules,we reveal that relative to the benchmark rule,the remaining three monetary rules that respond to the asset price fluctuations all boost the so-cial welfare effect,whereas the monetary policy rule that responds to both domestic asset prices and foreign asset prices fluctu-ations will bring about less losses to the social welfare.In a two -country risk spillover framework,therefore,the central bank should respond to both domestic and foreign asset price fluctuations when implementing the monetary policy.