摘要
资产价格的膨胀与波动频频引发金融危机并造成经济的大规模衰退，在此背景下，货币政策是否应该对资产价格的波动进行干预成为日益关注的理论问题，而资产价格与通货膨胀的关系研究是这一问题的重要节点。本文基于美国1871—2009年间的消费者价格指数和标准普尔500指数分别对整个时期和特定历史阶段进行了实证分析，结果表明资产价格与通货膨胀间的关系存在着不显著性和不稳定性，货币政策对资产价格的波动应采取关注，而不是盯住的策略。
It has been a hot issue whether the monetary policy should intervene in the fluctuation of asset price under the circumstance of financial crisis as a result of the asset price inflation and fluctuation. The relationship between asset price and inflation is a key to the matter. In the paper, we explore the relationship by empirically analyzing the consumer price index and Standard ＆ Poor＇s 500 indexes and reveal it is indistinetive and unstable. Therefore, the monetary policy should concern the asset price fluctuation rather than peg it down.
出处
《财经论丛》
CSSCI
北大核心
2010年第2期50-55,共6页
Collected Essays on Finance and Economics
