股价波动、财富效应与货币政策应对——基于动态随机一般均衡模型的分析  

Stock Price Volatility,Wealth Effect and the Response of Monetary Policy——Analysis Based on the Dynamic Stochastic General Equilibrium

作　　者：王晓芳[1] 杨克贲[1] 

机构地区：[1]西安交通大学经济与金融学院

出　　处：《中国地质大学学报（社会科学版）》2014年第2期90-102,139-140,共13页Journal of China University of Geosciences(Social Sciences Edition)

基　　金：陕西省社会科学基金项目"通货膨胀预期的管理研究"(12D106)

摘　　要：基于一个开放经济下包含股票市场财富效应的动态随机一般均衡(DSGE)模型,模拟考察了面对财富效应和股票价格波动幅度的变化,央行的货币政策该如何应对才能保持物价、产出和汇率稳定。研究发现:央行为实现实体经济和汇率稳定,当财富效应增大时,其应对股票价格变动的反应系数应"适度"地"增大";而当股票价格波幅增大时,其应对股票价格变动的反应系数应"适度"地"稳定"。因此,央行应根据我国利率市场化程度、财富效应的大小以及股市运行状况,对股票市场波动做出适当反应。This paper builds a dynamic stochastic general equilibrium(DSGE)model which contains the wealth effect of the stock market under an open economy.Based on the model,the paper examines how the central bank's monetary policy should be dealt with in order to maintain price,output and exchange rate stability while facing the changes of wealth effect and stock price volatility.The result shows:to achieve stability of the real economy and exchange rate,when the wealth effect increases,the central bank's reaction coefficient to the change of stock price should'moderately''increase';while the range of stock price volatility increases,the central bank's reaction coefficient to the change of stock price should be'moderately stable.'Therefore,the central bank should make appropriate response to the stock market fluctuation based on the interest rate liberalization progress,the size of wealth effect and the running status of stock market.

关 键 词：财富效应 股票市场 非基本面冲击 货币政策 

分 类 号：F830.9[经济管理—金融学]