摘要
金融自由化以来,日本货币需求函数的构成要素发生了显著变化,而且很不稳定,即使同一要素在不同历史阶段对货币需求的影响也有所差别。特别是资产价格的波动通过诱使经济主体资产负债表发生变化,加剧了货币需求结构的剧烈变动。因此,从货币调控的角度来讲,平抑资产价格必须综合考虑货币供求两个层面的变化,而不能单纯依赖货币总量调控手段。
Since the financial liberalization,the constituent elements of money demand function in Japan have undergone a significant but unstable change.Impacts present differences even between the same elements given to the demand of money in different stages of the history.In particular,the asset price volatility deepens the volatility of money demand structure via its impacts on the economic entities balance sheet.Therefore from the perspective of monetary control,the changes of both supply and demand of money instead of dependent on money supply regulation only should be taken into consideration in dealing with asset price control.
出处
《上海金融》
CSSCI
北大核心
2012年第8期52-54,117,共3页
Shanghai Finance
关键词
资产价格
货币需求函数
宏观调控
Asset Price
Money Demand Function
Macro Management
