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Stock Price as the Means of Monetary Policy
Author(s): 
Pages: 64-67
Year: Issue:  5
Journal: NANKAI ECONOMIC STUDIES

Keyword:  货币政策股票价格工具变量;
Abstract: 股票价格不是货币政策行动中理想的可直接操纵的工具。股票价格对于货币政策行动从工具变量角度来讲,具有信息揭示工具和货币关系调节工具两种意义。根据这两种意义的不同,本文认为关注股票价格的货币政策的行动准则是:(1)如果股票价格中包含了关于通货膨胀和产出明确可信的信息,就应该对股票价格变动做出反应;(2)为巩固金融稳定,对于快速下跌的股票价格中央银行应当做出政策反应。
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