摘要
该文从定性和定量两方面分析了资产价格对货币政策目标的影响。对传导机制的研究表明,资产价格通过资产负债表渠道影响投资和消费,但资产价格和通货膨胀并不总是呈正相关关系。在不同的经济状况下,短期内资产价格变化与通胀之间有四种可能的关系组合。对中国的实证分析则表明,房地产价格的上升与中国通货膨胀紧密相关,而银行借贷则是过去十年内中国房地产泡沫的主要来源。
This paper addresses the impact of asset prices on monetary policy objectives both qualitatively and quantitatively.Research on transmission mechanism suggests that asset prices influence investment and consumption through balance sheets.However.asset prices are not necessarily positively correlated with inflation.Based on specific state of the economy,it appears that there are four possible combinations between changes in asset prices and inflation in the short term.Empirical study indicates that soar of real property price is Closely linked with inflation in China.It also concludes that bank lending was an important source of bubbles in real property market dudng last decade in China.
出处
《中国货币市场》
2004年第3期28-31,共4页
China Money
