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近几十年来,世界各国资本市场发展迅速,各种可交易金融资产总量急剧增加,因而,金融资产价格的变化对各种宏观经济变量和金融体系的影响越来越大,面对各国频繁出现的在物价稳定甚至通货紧缩条件下出现的资产价格膨胀—泡沫破裂—经济衰退、金融体系风险加大的现象,理论界和各国中央对货币政策操作是否要考虑资产价格因素展开讨论。本文在综述国内外相关讨论的基础上,对股票价格膨胀、货币、货币政策的关系进行了理论阐释,并提出初步政策建议。
In recent decades, the capital markets of various countries in the world have been developing rapidly and the total amount of various tradable financial assets has risen sharply. Therefore, the impact of changes in the prices of financial assets on various macroeconomic variables and the financial system has become increasingly frequent. Facing the frequent The emergence of asset price inflation under stable or even deflationary conditions - the collapse of the bubble - the economic recession and the increased risks of the financial system, the discussion between the theoretical circles and the central authorities over whether monetary policy operations should consider asset prices. On the basis of a review of relevant discussions both at home and abroad, this paper gives a theoretical explanation of the relationship between the stock price inflation, monetary and monetary policies and puts forward some preliminary policy suggestions.