中国货币政策透明度对资产价格波动的影响效应研究  

Effect of Monetary Policy Transparency on Asset Price Volatility in China

作　　者：张山珊 何启志 ZHANG Shanshan;HE Qizhi(School of Finance,Anhui University of Finance and Economics,Bengbu 233030,China;School of Statistics and Mathematics,Zhejiang Gongshang University,Hangzhou 310018,China)

机构地区：[1]安徽财经大学金融学院,安徽蚌埠233030 [2]浙江工商大学统计与数学学院,杭州310018

出　　处：《合肥工业大学学报（社会科学版）》2021年第4期41-49,共9页Journal of Hefei University of Technology(Social Sciences)

摘　　要：近年来各国宏观经济管理的经验及货币政策动态不一致理论的发展,使提高货币政策透明度成为大势所趋。文章运用动态指数法测算中国近20年的透明度指数,并构建基于有向无环图的SVAR模型,分析在数量型和价格型两种框架下透明度冲击对不同金融资产价格波动的影响,结果表明:透明度作为新型政策改良工具,虽受时滞效应的影响,但在长期确有利于稳定资本市场、平抑价格波动。在运用数量型货币政策调控框架时应结合相机抉择手段进行逆经济周期调控并缩短传导周期,在运用价格型调控模式时应注重调控的时机、节奏,关注实际干预工具对价格调整的粘性,同时规范预期管理体系,加强央行沟通。In recent years,the experience of macroeconomic management around the world and the development of the theory of dynamic inconsistency of monetary policy make it an inevitable trend to improve the transparency of monetary policy.This paper uses the dynamic index method to calculate the transparency index of China in the past 20 years,and constructs the SVAR model based on directed acyclic graph to analyze the impact of transparency shocks on price fluctuations of different financial assets under two different policy frameworks:quantity and price-based.It is pointed out that transparency,as a policy improvement tool,is influenced by the time-lag effect,but it is indeed conducive to stabilizing the capital market and stabilizing price volatility in the long run.When using the quantitative monetary policy regulation framework,we should combine the discretionary means to conduct counter-cyclical regulation and shorten the transmission cycle.When using the price regulation framework,we should pay attention to the stickiness of monetary policy tools to respond to price adjustment,regulate the expectation management system and strengthen the central bank communication.

关 键 词：货币政策透明度 政策调控框架 金融资产价格 DAG-SVAR模型 

分 类 号：F830.9[经济管理—金融学]