摘要
传统"杰克逊霍尔共识"认为,货币政策只在特殊情况下才对金融稳定因素做出反应。但也有学者认为货币政策实际上存在对金融稳定的影响效应,需要格外关注。"杰克逊霍尔共识"货币政策框架的主要目标是以通货膨胀的稳定来保证经济以及金融的稳定,但实际上金融系统稳定、金融创新和零道德风险已经构成金融稳定的新"不可能三角",而且"非对称干预资产价格波动"货币政策调控模式极可能发展为严重金融失衡的诱发因素。后续相关研究需要关注的:一是货币政策是否关注金融稳定的约束条件,二是货币政策影响金融稳定的机理变迁,三是货币政策调控对金融稳定的非对称性影响,四是货币政策维护金融稳定的政策协调问题。
It is considered by“Jackson Hole Consensus”that monetary policy only responds to fact of financial stability in special cases. Some scholars yet thinks that monetary policy should take extra attention to financial stability because of its influence. The main objectives of monetary policy framework is to ensure stability of economic and finance by inflation stability. In fact, not only stability of financial system and financial innovation and zero moral hazard have constituted new“impossible triangle”, but also the regulation mode of“non-symmetric intervention to asset price fluctuations”most likely develops into predisposing factors of serious financial imbalances. Looking forward to follow-up related research there is several important directions, the one is constraint conditions whether monetary policy focuses on financial stability, the two is change of mechanism how monetary affect financial stability, the three is asymmetric effects of reg原 ulation mode of monetary policy to financial stability, the four is problem of policy coordination how monetary maintains financial stability.
作者
张细松
徐硕
张晓云
Zhang Xisong;Xu Shuo;Zhang Xiaoyun(School of Public Management, Shandong University of Finance and Economics, Jinan 250014, China)
出处
《金融理论探索》
2019年第2期65-73,共9页
Exploration of Financial Theory
基金
教育部规划基金项目"我国基本养老基金战略资产配置效率及动态调整机制研究"(19YJAZH108)
山东省自然科学基金项目"山东省农村养老普惠金融指数测度及商业可持续性研究"(ZR2015GM016)
关键词
货币政策
金融稳定
杰克逊霍尔共识
金融监管
monetary policy
financial stability
Jackson Hole Consensus
financial regulation
