资产价格——对货币政策目标的影响:实证分析

An empirical study of the impact of asset price on monetary policy objectives

《中国货币市场》第29期刊登的《资产价格对货币政策目标的影响》一文从定性方面分析了资产价格对货币政策目标的影响,该文续上篇。从定量方面对我国的情况进行了实证分析。实证分析表明,房地产价格的上升与中国通货膨胀紧密相关,而中国房地产价格的大幅波动很大程度上要归因于银行借贷,这需要货币当局的特别关注。对我国货币政策操作的回顾表明,过去十年内我国的货币政策操作取得了一定进步。

Serving as a continuation of The Impact of Asset Price on Monetary Policy Objectives (see CHINAMONEY Issue 29),a qualitative study,this article offers an empirical quantitative analysis of the case in China.Empirical studies show that inflation in China is closely linked with soaring real estate prices,which to a large extent is attributed to loans from banks.This deserves particular attention from the monetary authorities.A review of China's monetary policy operation indicates that China has made considerable progress in this field over the past ten years.