货币政策最终目标

股票价格对我国货币政策最终目标影响分析

Analysis on Influence to Ultimate Goal of Monetary Policy by Stock Price

中国货币政策最终目标内涵研究

A Study on the Connotation of the Ultimate Target of Monetary Policy in China

货币政策最终目标：一个新角度的再考察

The Ultimate Goal of the Monetary Policy

如何有效实现货币政策最终目标，在货币政策操作中存在着两种观点：1.相机抉择，2.规则行事。

There are two different points of view in monetary policy to achieve the ultimate goal that is discretion and rules .

第二，讨论货币政策最终目标理论，论述了货币政策与经济、物价等的关系及国外的新动向。

Second , discuss the theory of ultimate objectives , discuss the relation between the monetary policy and economy and price .

第二部分是虚拟资本市场对货币政策最终目标影响的实证分析。

The second part is the empirical research of the impact of virtual capital market on the ultimate objective of monetary policy .

但是由于我国利率市场的发展仍不完善，利率对我国货币政策最终目标的影响仍有限，而通货膨胀目标制的可操作性对我国来说作用也不大可行等现状进行反思。

Yet the interest rate market in China is far from well developing , its influence on ultimate goal and inflation targeting maneuverability are still limited .

根据传统金融理论，衡量中介目标的有效性主要考虑其与货币政策最终目标的相关性、可控性和可测性三个方面。

According to traditional finance theory , the main considerations to measure the validity of intermediate target of monetary policy are relevance , controllability and testability three areas .

关于货币政策最终目标的研究一直是我国金融理论工作者和实际工作者极为关注的重要课题。

The study on the ultimate target of the monetary policy , which draws close attention of both theoretical and practical workers , has always been a significant question for discussion .

而1995年《中国人民银行法》对货币政策最终目标的单一化，为资本市场发展中的货币政策抉择指明了坚定明确的方向。

In terms of monetary policies , The Banking Law of the People 's Bank of China , issued in 1995 , proclaims the single final goal which determines the monetary policy selection .

最后，在前述理论基础上本文论述了我国货币政策最终目标与中央银行独立性的选择，指出了制定通货膨胀率目标的重要性。

In the last , we discuss the final target of China 's monetary policy and the independence of central bank . It points out the importance to design an inflation rate target .

关于股票市场对我国的货币政策最终目标的影响，本文研究的结论是目前我国的股票市场对经济增长的促进作用短期来说还非常小，长期来说甚至是具有消极的作用。

The result of the influence on the ultimate objectives of monetary policy is that Chinese stock market role in promoting economic growth is very small at present , and even negative effect in the long term .

在货币政策最终目标确定的情况下，中介目标的选择及其实现程度直接关系到货币政策效果的好坏。

The choice of intermediate target of monetary policy ( ITMP ) and the achievement of it are directly related to the performance of monetary policy , when the ultimate target of monetary policy has been set .

房地产价格与货币政策最终目标的实证关系中发现，房地产价格能够反映部分通货膨胀的信息，但指示作用仍不明显，房地产价格上涨并不一定会导致通货膨胀。

Real estate prices and monetary policy final goal of empirical relationships found that prices can reflect the information of part of the inflation , but the indication is not obvious , prices will not necessarily lead to inflation .

本文通过实证分析指出：科学合理地界定币值稳定的内涵，不仅是完善货币政策最终目标体系的需要，而且直关货币政策操作的效果。

The paper points out from concrete analysis that to define currency stability rationally and scientifically doesn ′ t only meet the needs of perfecting the final target system , but brings about a striking effect on monetary policy as well .

在对房地产价格与货币政策最终目标的分析中，笔者首先从理论与实证两个角度考察了房地产价格波动对于通货膨胀与产出的影响。

In the analysis of the real estate price and ultimate objective of the monetary policy , the author first inspected the impact of the real estate price fluctuations to the inflation and the output from the theory and the demonstration angles .

并得出虚拟经济的出现使货币政策最终目标朝多样化发展、虚拟经济使货币政策作用基础发生变化、货币政策传导机制更加复杂等论点。

Draw fictitious appearance of economy make monetary policy final goal towards diversified to develop , the argument that the monetary policy conduction mechanism is more complicated , and that fictitious economy makes the function foundation of the monetary policy change etc. .

第四章从中国货币政策的最终目标稳定币值，促进经济增长着手，通过统计检验，分别研究了不同层次的货币供给量（M0，M1，M2）以及利率对通货膨胀以及经济增长率的作用。

Chapter four studies the impact to inflation and economy growth of different lay of monetary supply ( M0 , M1 , M2 ) and interest rate by econometrical method .

同时，中央银行货币政策的最终目标应关注资产价格的变化。

At the same time , the final target of monetary policy of central bank should show concern for the change of asset prices .

根据这一结论，我国货币政策的最终目标控制通货膨胀与实现经济增长二者难以同时达到。

According to the conclusion , we are not able to realize the two objects of price stability and economic growth at the same time .

即，中央银行应当如何确定货币政策的最终目标、中介目标，选择适当的货币政策工具，完善货币政策的传导机制，实现宏观调控的目的。

That means how to determine the ultimate and intermediary objectives , to select the appropriate monetary policy tools to improve the transmission mechanism which can achieve macro-control .

一方面股票市场的存在，货币政策的最终目标会受到影响，而且货币政策的传导机制也会更加复杂。

Firstly , due to the existence of equity market , the ultimate goal of the monetary policy will be affected , and the transmission mechanism of monetary policy will be more complex .

本部分在实证结论的基础上提出政策执行建议，包括政策实施、政策时滞及政策搭配等方面。纵观全文，比较详细与科学地分析了货币政策的最终目标效应，得到了较为合理的结论。

The policy implementation included policy time-delay , collocation and policy implementation . Throughout , this paper make the more detailed and scientific analysis of the ultimate goal of monetary policy effects , and got more reasonable conclusion .

中央银行若要实现货币政策的最终目标，必须首先掌握有关最终目标的资料信息，以便据以相机抉择，变动和操纵相应的货币政策工具。

If the National Central Bank wants to carry out the end target of monetary policy , it has to control the data information of end target firstly , in order to change and manipulate monetary policy tools when it is needful .

基于VAR模型的脉冲响应函数和方差分解等计量方法，对我国货币政策中介目标和最终目标的动态相关性进行了实证分析。

The authors make an empirical analysis on the dynamic relation of Chinese monetary intermediate objective and ultimate objective based on VAR Model .

第二，国内很多学者在研究中并没有清晰区分货币政策中介目标与最终目标之间的关系，本文在研究过程中明确对二者加以区分。

Second , most domestic scholars do not make a clear recognition on the distinction between intermediate target of monetary policy and ultimate goal of monetary policy .

回归货币中性：货币政策的最终目标

Returning to Monetary Neutrality : The Ultimate Goal of Monetary Policy

基于VEC模型的短期Granger因果检验，支持货币量、利率和货币政策最终目标之间短期均衡关系的存在。

Based on short - term Granger test of VEC Model , short - term equilibrium relationship of final objective between support monetary quantity , interest rate and monetary policy exists .

这些争论几乎涉及了中央银行货币政策的整个体系，包括货币政策的最终目标、中介目标、操作目标、操作工具以及货币政策的传导机制。

All controversies were related to the whole system of monetary policy of the central bank , including the final target , intermediate target , operational target , operational instrument and the transmission mechanism of the monetary policy .

进一步的实证研究结果显示，货币供应量能够显著的影响作为货币政策最终目标的经济增长与物价水平，但利率的作用却很不明显。

Further empirical results show that the money supply can significantly affect the ultimate goal of monetary policy , which is economic growth and cost of living . However , the effect of interest rate is not very obvious .