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本文从三个方面分析了货币政策是否应该关注资产价格的变化。本文分析表明,资产价格波动已成为经济不稳定的重要因素,货币当局必须考虑这一因素。但如何对资产价格波动做出最优反应,目前还没有一致的结论和可行的操作方式。随着我国股市、房市的发展,资产价格的波动将导致消费和投资的波动,进而影响货币政策保持价格稳定和国民经济平稳增长的目标。这也要求我国货币当局在制定和实施货币政策时必须考虑这一因素。
This article analyzes in three aspects whether monetary policy should focus on changes in asset prices. This analysis shows that asset price volatility has become an important factor in economic instability, and monetary authorities must consider this factor. But how to make the best response to asset price fluctuations, there is no consistent conclusion and feasible operation mode. With the development of China’s stock market and housing market, fluctuations in asset prices will lead to fluctuations in consumption and investment, thereby affecting the objective of monetary policy to maintain price stability and steady growth of the national economy. This also requires that our monetary authorities must take this factor into account when formulating and implementing monetary policy.