基于金融稳定的货币政策框架修正研究A Probe into Monetary Policy Framework Modification Based on Financial Stability
黄佳;朱建武;
摘要(Abstract):
文章构造了一个四期二叉树模型,对货币稳定和金融稳定的关系进行了分析,发现仅以维护货币稳定为目标的货币政策无法同时实现金融稳定。基于此,文章对货币政策框架进行了修正,将货币稳定和金融稳定纳入统一的货币政策框架予以考察,并对我国货币政策的实践进行了实证分析。VAR检验结果表明,银行信贷增长率和房地产价格指数都是我国货币政策应当关注的金融稳定指标。货币政策应根据金融稳定指标进行逆周期调控,调控重点是金融稳定指标预期,而非稳定指标本身。
关键词(KeyWords): 金融稳定;货币政策;目标函数
基金项目(Foundation):
作者(Author): 黄佳;朱建武;
Email:
DOI: 10.16538/j.cnki.jfe.2007.04.009
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