摘要
我国以利率为代表的价格型调控工具对资产价格泡沫有显著的正向影响,且股价波动对利率政策的影响程度高于房价。而资产价格波动则对数量型调控工具产生明显的反向冲击,且数量型调控工具对房价泡沫膨胀更为敏感。股市与房市泡沫抑制了实体经济的发展,但却对通货膨胀产生助推作用,这表明我国货币政策通过影响资产价格而作用于实体经济的效用不强,反而加剧了通胀压力。我国货币政策应"关注"而非"盯住"资产价格波动,同时应构建包含资产价格的广义物价指数,构建多层次资本市场并发挥资产价格的辅助监测指标作用,提高货币政策调控的前瞻性及有效性。
The price-based regulatory tools of China,represented by the interest rate,have significant positive effects on the asset price bubble.And the impact of the volatility of stock prices to the interest rate policy is bigger than that of the real estate prices.The volatility of asset prices has a significant reverse impact on the quantity-based regulatory tools which is more sensitive to the inflation of the real estate bubble.The bubbles of the stock market and the housing market inhibit the development of real economy but boost inflation,which indicates that China's monetary policies have a weak effect on the real economy by regulating the asset prices and aggravate the pressure of inflation on the contrary.China's monetary policies should 'focus on' rather than 'stare at' the fluctuations of asset prices.It is also necessary to establish a general price index including asset prices and a multi-level capital market to give full play of asset prices' role of serving as assisting monitoring indicators and to improve the foresight and effectiveness of the monetary policy control.
出处
《当代经济研究》
CSSCI
北大核心
2013年第9期37-44,93,共8页
Contemporary Economic Research
