基于金融稳定的货币政策框架修正研究
5026 
831
财经研究 2007 年 第 33 卷第 04 期, 页码：97 - 107
摘要
参考文献
摘要
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。
[1]Oosterloo S,Hann J.Central banks and financial stability:A survey[J].Journal of Fi-nancial Stabiltiy,2004,(1):257~273.
[2]Schinasi G J.Responsibility of central banks for stability in financial market[R].IMFWorking Paper,2003,(3):121~132.
[3]Schioppa T.Central banks and financial stability:Exploring a land in between[R].Policy PanelIntroductory Paper,Second ECB Central Banking Conference,2002,(10):87~96.
[4]Blinder A.General discussion:Monetary policy and asset price volatility[J].FederalReserve Bank of Kansas City Economic Review,1999,(4):139~140.
[5]Crockett A.In search of anchors for financial and monetary stability[J].SUERF Collo-quium,Vienna,2000,(4):231~253.
[6]Vinals J.Monetary policy issues in a low inflation environment in“Why price stability”[J].European Central Bank,2001,(6):43~65.
[7]Issuing O.Monetary and financial stability:Is there a trade-off[J].2003,(4):142~163.
[8]Ferguson R.Should financial stability be an explicit central bank objective?[R].Con-ference at the IMF in Washington,D.C.,2002,(9):67~84.
[9]Kent C,Lowe P.Asset-price bubbles and monetary policy[J].Research Discussion Pa-per of Reserve Bank of Australia,1997,(12):218~234.
[10]Barro R,Gordon D.A positive theory of monetary policy in a natural rate model[J].Journal of Political Economy,1983,(8):589~610.
[11]Ball L.Efficient rules for monetary policy[J].Reserve Bank of New Zealand Discus-sion Paper Series,1997,(3):122~131.
[12]Persson T,Guido T.Political economics and macroeconomic policy[J].IIES Stock-holm University,Seminar Paper,1997:641~657.
[13]鲍达民.Minefield of Global Financial Crises[EB].http://finance.163.com/06/0208/14/29ERFT8G00251K7 B.html.
[2]Schinasi G J.Responsibility of central banks for stability in financial market[R].IMFWorking Paper,2003,(3):121~132.
[3]Schioppa T.Central banks and financial stability:Exploring a land in between[R].Policy PanelIntroductory Paper,Second ECB Central Banking Conference,2002,(10):87~96.
[4]Blinder A.General discussion:Monetary policy and asset price volatility[J].FederalReserve Bank of Kansas City Economic Review,1999,(4):139~140.
[5]Crockett A.In search of anchors for financial and monetary stability[J].SUERF Collo-quium,Vienna,2000,(4):231~253.
[6]Vinals J.Monetary policy issues in a low inflation environment in“Why price stability”[J].European Central Bank,2001,(6):43~65.
[7]Issuing O.Monetary and financial stability:Is there a trade-off[J].2003,(4):142~163.
[8]Ferguson R.Should financial stability be an explicit central bank objective?[R].Con-ference at the IMF in Washington,D.C.,2002,(9):67~84.
[9]Kent C,Lowe P.Asset-price bubbles and monetary policy[J].Research Discussion Pa-per of Reserve Bank of Australia,1997,(12):218~234.
[10]Barro R,Gordon D.A positive theory of monetary policy in a natural rate model[J].Journal of Political Economy,1983,(8):589~610.
[11]Ball L.Efficient rules for monetary policy[J].Reserve Bank of New Zealand Discus-sion Paper Series,1997,(3):122~131.
[12]Persson T,Guido T.Political economics and macroeconomic policy[J].IIES Stock-holm University,Seminar Paper,1997:641~657.
[13]鲍达民.Minefield of Global Financial Crises[EB].http://finance.163.com/06/0208/14/29ERFT8G00251K7 B.html.
引用本文
黄佳, 朱建武. 基于金融稳定的货币政策框架修正研究[J]. 财经研究, 2007, 33(4): 97–107.
导出参考文献，格式为：
