摘要
伴随着金融自由化的逐步推进,在我国经济开放的进程中发挥着日益重要作用的资本市场将面临更大幅度的价格波动,从而将加大金融风险和增加货币政策的制定和调整的难度。将股价、房价等资产价格和汇率与利率、通货膨胀、经济增长货币政策目标联系起来,运用协整、granger因果分析以及脉冲响应、方差分解方法分析资产价格与货币政策目标的关系,发现资产价格、汇率、利率和通胀以及产出之间存在着稳定的长期关系,多个资产会带来资产价格与货币政策目标间更加复杂的关系。为了更好地实现货币政策目标,我国央行应密切关注资产价格和汇率的波动并制定相关的政策。
This thesis studies the relations between the monetary policy objectives（such as interest rates,monetary supply,inflation,economic growth） and the asset prices,exchange rates theoretically and empirically by the use of cointegration,granger causality analysis and impulse response,variance decomposition analysis.The basic conclusion we draw is that the Price fluctuating of the financial assets and exchange rates will exert an influence on the monetary policy.In order to realize the objectives of monetary policy better,our country should Pay close attention to assets price fluctuating while making the monetary Policy at the same time.
出处
《经济问题》
CSSCI
北大核心
2010年第10期4-11,共8页
On Economic Problems
