摘要
资产价格泡沫的产生原因是多方面的,早期的研究更多地认为资产泡沫来自于投资者的非理性因素,但是随着金融自由化进程的推进,与经济金融发展水平不相适应的金融自由化也成为资产泡沫产生的一个重要原因。而对于资产价格泡沫的货币政策应对一直存在争议,一些学者主张货币政策应该忽略资产价格,而另一些学者则主张货币政策应该对资产价格作出反应。本文基于后一种观点,来探讨当预期资产价格将出现泡沫时,货币政策是该事先行动还是事后反应,为此,本文引入产出跨期配置的理论,来阐述货币政策应对资产价格泡沫的决策模型。
There are many reasons led to asset price bubbles.Early research suggested that irrational factors were the main sources of asset bubbles,but recent research suggested that if the financial liberalization process could not meet the economic and financial development conditions,it could also cause asset bubbles.It is controversial whether monetary policies should respond to asset price bubbles.Some scholars advocated that monetary policies should ignore asset prices,while others argued that monetary policies should respond to asset prices.Based on the latter point of views,this paper investigated that the monetary policy action in advance and afterwards when central banks expected that asset price bubbles would come out,and introduced the theory of output configuration as the decision model of central banks.
出处
《经济理论与经济管理》
CSSCI
北大核心
2011年第4期47-54,共8页
Economic Theory and Business Management
关键词
资产价格泡沫
金融自由化
货币政策
事先行动
事后反应
asset price bubbles
financial liberalization
monetary policy
action in advance
action afterwards
