应对资产价格波动的最优货币规则研究——基于福利损失函数的实证分析  

A Study of the Optimal Monetary Rules Responding to Asset Price Fluctuations:An Empirical Analysis Based on Welfare Loss Function

作　　者：王宏涛[1,2] 王晓芳[1] 

机构地区：[1]西安交通大学经济与金融学院,陕西西安710061 [2]西安邮电学院产业经济研究所,陕西西安710061

出　　处：《当代财经》2011年第9期48-59,共12页Contemporary Finance and Economics

基　　金：国家社会科学基金项目(08BJY153);教育部人文社科一般项目"资产价格波动与通货膨胀预期管理问题研究";陕西省普通高校重点学科"产业经济学"专项基金项目

摘　　要：通过构建最优货币政策模型对中国货币政策进行的实证检验,发现中国的货币政策主要以盯住通货膨胀为主要目标,同时关注产出的变化,但对股票价格波动的变化并没有给予充分的关注。而通过中国预设货币政策操作框架下对股票价格波动不同反应状况的分析,发现货币政策对资产价格赋予较小权重时,中央银行的福利损失函数将会有所改善;如果继续加大对资产价格干预的权重,则会导致中央银行福利损失函数的迅速恶化。因此可以认为,中央银行还不适宜对资产价格进行过度的关注,只适合在关注通胀和产出的基础上,对资产价格给予适度的关注。By constructing an optimal monetary policy model to have an empirical test on China＇s monetary policy, this paper finds out that China＇s pegged currency policy generally takes inflation as the main target, while at the same time paying close attention to changes in output, but the volatility of stock price changes are not given adequate attention. Through the analysis of different reactions to the stock price volatility under the framework of China＇s preset monetary policy, it is found that when the monetary policy gives less weight on asset prices, the welfare loss function of the central bank will be improved; if the weight on the assets price intervention continues to increase, it will cause rapid deterioration of welfare loss function of the central bank. Therefore, it follows that the central bank is still not comfortable with over-concern for the asset prices; it can only pay appropriate attention to the asset prices on the basis of giving concern to inflation and output.

关 键 词：股票价格 货币政策 福利损失函数 

分 类 号：F830-33[经济管理—金融学]