资产价格与货币政策

Assets Prices and Monetary policy

股价波动对消费支出有显著影响。居民的消费多数是由其对未来预测财富所决定的。由此可见,市场机制充分发挥作用的同时,如果资产价格波动超过实物经济所能承受的范围时,货币政策应当对资产价格进行调控。货币政策面临的新挑战主要来自于资本市场,美联储的货币政策将更多的考虑股票市场的因素。

Stock price fluctuation has an important effect on consumption expenditure because people' s consumption is mostly determined by their prediction for future wealth. From this prospective, we can see that with the full play of the role featured by market system, the monetary policy should control the assets price when assets price fluctuation exceeds the range that material economy can stand. The new challenge of monetary policy faced mainly came from capital market. The monetary policy of the us Fedeial Reserve however, will attach more impurtance to stock marketing factors.