资产价格泡沫与货币政策响应——基于Taylor规则的分析  

Asset Price Bubbles and Monetary Policy Response——Taylor's rule-based analysis

作　　者：彭洁[1] 刘卫江[2] 

机构地区：[1]复旦大学经济学院国际金融系 [2]中国人民银行总行

出　　处：《金融论坛》2004年第12期48-54,共7页Finance Forum

摘　　要：本文从Taylor规则的分析角度出发,讨论资产价格泡沫与货币政策的关系。本文通过加入资本市场因素对Taylor规则进行了动态扩展,以研究1994年第1季度到2001年第4季度中国的货币政策是否对股市泡沫做出响应。本文的研究结论表明,在这一时期内中国的货币政策表现为一种不稳定的规则,中央银行并未运用利率政策抑制股市泡沫增长,在不经意间容忍了明显的股市泡沫。In this paper, discussion is focused on the relationship between asset price bubbles and monetary policy from the angle of Taylor's rule, which is expanded dynamically with addition of capital market. Study is intended to explore whether China's monetary policies reacted to the bubbles in the stock market in the time span from 1st quarter of 1994 to the 4th quarter of 2001. It is indicated by research result that China's monetary policies then were inconsistent and central bank failed to contain the stock market bubbles with interest rate policy, thus unintentionally allowing the existence of apparent stock market bubbles.

关 键 词：股市泡沫 中国 货币政策 资产价格 中央银行 规则 利率政策 表现 因素 

分 类 号：F830[经济管理—金融学]