摘要
( 1 )货币政策对金融资产价格 (特别是股票价格 )有影响 ,当投资的上升引起原材料和劳动力价格上涨时 ,扩张性货币政策的长期结果是同时引起商品物价水平和股票价格的上升 ;当投资具有规模经济效应或可以使劳动生产率显著提高时 ,扩张性货币政策的长期结果是股价的上升和物价水平的下降。因此 ,货币数量与通货膨胀的关系不仅取决于商品和服务的价格 ,而且在一定意义上取决于股市。 ( 2 )无论股市财富效应大小 ,通过货币政策刺激股票市场拉动需求的做法在长期都是不可靠的。当股市价格偏离稳态已经越来越远时 ,经济运行将是不安全的。
(1)Monetary policy has influence upon financial assets price,especially upon stock price.When the expansion of investment causes raw material and labor price increasing,the long-term outcome of expansionary monetary policy is that both commodity price and stock price increase.When the investment is characterized by scale effects and makes labor productivity increase notably,the long-term outcome of expansionary monetary policy is that the stock price increases while the commodity price decreases.Thus whether inflation happens is determined not only by the commodity and service price,but also by the stock price.(2)No matter how much the wealth effect of the stock market is,stimulating stock market by expansionary monetary policy in order to magnify aggregate demand is dangerous in the long run.we also find when the stock price deviates from its equilibrium farther and farther,the economic boom is vulnerable.
出处
《经济研究》
CSSCI
北大核心
2002年第3期13-20,共8页
Economic Research Journal
