基于资产价格的货币政策研究-金融学专业论文.docx

II II Abstract This paper studies the relationship between asset price and monetary policy . seeing how the asset price fluctuations impacting in economic activity, and monetary policy should make what kind of reaction to asset price volatility. This paper introduce the current situation of chinese asset prices and monetary policy firstly.In view of the monetary policy transmission mechanism , Asset price fluctuations may be an important monetary policy transmission channel. Asset price fluctuations through the wealth effection, the investment effection , the balance sheet effection impact aggregate demand, thus affect the total output and the future price levels. From the ultimate goal of monetary policy, monetary policy needs to achieve price stability, from this point of view, the volatility of asset price put the challenges to monetary authorities is that volatility of asset price is likely to contain important future inflation information.There are close ties between asset price volatility and financial crisis , threating the Central Banks financial stability goals. Central Bank should take intervention measures to prevent adverse effects to financial stability from asset prices expansion .In any case , price stability and financial stability are the important duty of central bank. This can not ignore the relation of asset prices and monetary policy, So,the central banks must research the relationship of monetary policy and asset price fluctuation. And then analyze the relationship of our monetary policy and asset price in two aspacts. The main idea contain two aspacts: First, by evidence researching Chinas asset price, role in monetary policy transmission, mainly through study the relationship of asset price and the monetary policy tools to achieve; Second, researching Chinas asset price fluctuations and future inflation ,Mainly through the study of asset price and consumer price index (CPI) to achieve. Lastly by a large number of theoretical researchs and emp