基于广义价格指数对货币政策效果影响的研究——对纳入资产价格的广义价格指数分析

Research on the Influential Effects of Monetary Policy Based on Generalized Price Index——the Analysis of Generalized Price Index Including Asset Price

如何有效衡量一国价格水平、维持价格水平在监测期内稳定波动,一直以来都是货币当局在货币政策框架中重点关注的内容。本文以2010年1月至2016年6月中国M 2和纳入资产价格的广义价格指数为样本,实证研究了货币供给和广义价格指数之间的关系。研究发现:广义价格指数能够对货币供给的变化产生瞬时且显著的反应,为此要在肯定资产价格在货币政策框架中发挥重要作用的基础上,确定以广义价格指数为核心的前瞻性指标体系定位,提高货币政策的实施效果。

How to measure a country＇s price level and maintain the price level sta- ble fluctuations during the monitoring period are the main focus of monetary policy framework. Taking China＇s M2 and generalized price index including asset price be- tween January, 2010 to June, 2016 as the research sample, the research studies the re- lationship between money supply and generalized price index. The study finds that generalized price index can produce instantaneous and significant reaction to changes of money supply, thus the essential role of asset price in the framework of monetary policy should be recognized. Besides, in order to increase the implementation effects of monetary policy, generalized price index should be put in the core position of the whole evaluation index system.