资产泡沫与双支柱调控研究--理论、政策与展望  

Research on Asset Bubbles and Two-pillar Regulation:Theory,Policy and Prospect

作　　者：陆毅[1] 董丰 周基航 Lu Yi;Dong Feng;Zhou Jihang(School of Economics and Management,Tsinghua University,Beijing 100084,China)

机构地区：[1]清华大学经济管理学院,100084

出　　处：《南开经济研究》2024年第11期3-24,共22页Nankai Economic Studies

基　　金：北京市社会科学基金青年学术带头人项目(24DTR020)的资助。

摘　　要：资产泡沫是影响金融稳定和宏观经济波动的重要因素,其形成源于金融市场的摩擦。资产泡沫虽然可能带来短暂的繁荣,但其价值容易受到情绪冲击的影响,进而加剧金融市场和宏观经济的波动,这对完善宏观调控框架提出了挑战。货币政策和宏观审慎政策是两类应对资产泡沫的重要政策手段,统称为双支柱调控框架。本文将资产泡沫与双支柱调控相关研究按特定的逻辑链条进行总结分析,为防范化解资产泡沫风险和促进金融稳定做出了理论贡献。当前,关于货币政策是否需要考虑资产价格目标尚存争议,而宏观审慎政策逐渐成为货币政策的有效补充。应对资产泡沫问题需要有效协调货币政策和宏观审慎政策,在统一的框架下厘清政策的职能定位,并在不断的理论研究和实践中探索最优双支柱政策框架。Asset bubbles are a crucial factor that impacts financial stability and macroeconomic fluctuations,originating from the friction within the financial market.While asset bubbles may initially lead to temporary prosperity,they are susceptible to emotional shocks,exacerbating volatility in both financial markets and the macroeconomy.This presents a significant challenge for enhancing the macro-control framework.Monetary policy and macroprudential policy serve as two essential instruments for addressing asset bubbles,collectively known as the two-pillar regulatory framework.This paper provides a comprehensive summary and analysis of relevant research on asset bubbles and dual-pillar regulation along a specific logical chain,making theoretical contributions towards preventing and resolving asset bubbles while promoting financial stability.There remains ongoing debate regarding whether monetary policy should consider targeting asset prices;however,in recent years,macroprudential policy has gradually emerged as an effective complement to monetary policy.Effectively coordinating monetary policy with macroprudential policy is necessary to address asset bubbles by defining their roles within a unified framework and exploring an optimal two-pillar regulatory framework through continuous theoretical research and practical application.

关 键 词：资产泡沫 金融稳定 货币政策 宏观审慎政策 双支柱调控 

分 类 号：F83[经济管理—金融学]