论资产价格变化对货币政策效应的影响

资产存量的增加及其价格的波动对货币政策效应产生重要影响。本文紧扣判断货币政策是否有效的3个条件:货币能否影响产出、货币与产出和物价之间是否存在稳定联系、货币当局能否控制货币,系统地分析了资产价格变化对货币政策效应的影响:资产价格变化影响了货币和物价之间的稳定联系;资产价格影响了货币与产出之间的稳定联系;资产价格变化削弱了货币当局控制货币的能力。最后,本文提出了面对资产价格变化政府当局增强宏观金融调控有效性的一些政策建议。

On the Effect of Price Changing of Assets on the Effectiveness and Efficiency of Monetary Policy

The expansion of non-monetary financial assets and it's price changing have important influence on the effectiveness and efficiency of monetary policy. The effectiveness of monetary policy depends on three aspects: 1. Whether money could affect economic output,; 2. Whether there is a stable relationship between output, price and money; 3. Whether monetary authority could control money. This paper discusses the influence on monetary policy by assets price changing from these three conditions. Firstly, assets price changing breaks the stable relationship between money and price. Secondly, assets price changing breaks the stable relationship between output and money. Lastly, assets price changing weakens the power of controling money by money authority. After showing the influence of assets price changing on the effectiveness of monetary policy, the paper details the countermeasures by central banks to resist such influence.