中央银行家和资产价格失衡

Central Bankers and Asset Price Misalignments

今年的8月20日,中国人民银行《中国股票市场发展与货币政策完善》课题组提交的一份报告认为,央行在货币政策操作时对股票市场的价格波动应予以充分关注。与之相应的是,当前世界各国的中央银行对诸如股价和房价等重要资产价格与货币政策的关系也正给予日益密切的关注。《中国货币市场》经斯蒂芬·金·凯奇博士授权,翻译发表此文。凯奇提博士还将继续为本刊就全球财经焦点话题作专题评述。

On August 20,2002,in the report concerning the Development of China's Stock Market and Perfection of Monetary Policy,the research group of the People's Bank of China(PBC)posited the view that the central bank should pay adequate attention to the price fluctuation in the stock market when manipulating monetary policies.At the same time, central banks around the world are paying closer attention to the relationship between monetary policy and certain important asset prices,such as stock and housing prices.Under the authorization of Stephen G.Cecchetti, CHINAMONEY translated this article.In the future,Mr.Cecchetti will offer more special reviews on hot topics of global finance and economy to the magazine.