中国金融状况指数对货币政策传导作用研究
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财经研究 2009 年 第 35 卷第 07 期, 页码：53 - 63
摘要
参考文献
摘要
文章利用VECM模型构建了我国的金融状况指数,并对我国通货膨胀进行预测检验,发现包含资产价格信息的金融状况指数能够在当前金融市场频繁波动、资产价格急剧变化的市场条件下,对通货膨胀做出及时、有效的预测。这表明资产对经济的作用日益增强,中央银行在实施货币政策时,必须考虑到资产价格对货币政策的传导影响。然而,当利用金融状况指数对货币政策的资产传递渠道进行分析时,却发现货币政策传导过程中资产价格对产出的影响不大。因此,在实施货币政策时,可以关注资产价格变化对通货膨胀的影响,但由于资产价格在传导过程反应不足,目前还暂不能将资产价格作为货币政策的实际操作指标。
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[3]王玉宝.金融形势指数(FCI)的中国实证[J].上海金融,2005,(8):29-33.
[4]封北麟,王贵民.货币政策与金融形势指数FCI:基于VAR的实证分析[J].数量经济技术经济研究,2006,(1):35-46.
[5]陆军,梁静瑜.中国金融状况指数的构建[J].世界经济,2007,(4):13-24.
[6]何平,吴义东.中国地产价格对货币政策的操作意义———基于金融形势指数FCI的研究[J].经济理论与经济管理2007,(10):45-49.
[7]Alberto Montagnoli,Oreste Napolitano.Financial condition index and interest rate set-tings:Acomparative analysis[R].Money Macro and Finance(MMF)Research Group Conference Paper,No11,2004.
[8]Alberto Montagnoli,Oreste Napolitano.Financial conditionindex andinterest rate set-tings:Acomparative analysis[R].Working Paper,2005.
[9]Borio C,P Lowe.Asset prices,financial and monetary stability:Exploring the nexus[R].BIS Working Papers,No1114,2002.
[10]B Hansson,H Lindberg.Monetary conditions index,a monetary policy indicator[J].Quarterly Review,1994,(4):12-17.
[11]Charles Goodhart,Boris Hof mann.Asset prices,financial conditions and the trans-mission of monetary policy[A].Asset Prices,Exchange Rates,and Monetary Policy[C].Stanford University,2001.
[12]Cecchetti Stephen,Hans Genberg,John Lip sky,Sushil Wadhwani.Asset prices and central bank policy[R].Geneva Report on the World Economy,CEPR and ICMB,2000.
[13]Jun Nagayasu.On the term structure of interest rates and inflation in Japan[J].Journal of Economics&Business,2002,54:505-523.
[14]Kontonikas A.A montagnais has monetary policy reacted to asset price movements:Evidence fromthe U K[J].Ekonomia,Forthcoming,2004,7:18-33.
引用本文
戴国强, 张建华. 中国金融状况指数对货币政策传导作用研究[J]. 财经研究, 2009, 35(7): 53–63.
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