用扩张与收缩的角度分析,但是,从社会资金总量的角度看,这一问题本身或许并不严重,因为资本市场的交易是一种“零和博弈”;关键在于资产价格脱离基础因素的上升会给实际经济发出错误的信号,同时引起社会财富的重新分配,最终导致总供给与总需求的错位,引起宏观经济波动。 附录一:资产价格泡沫模型 附录二:资产价格与实际经济关系模型 主要参考文献: 1. Allen, F., and D. Gale, “Asset Prices and Monetary Policy”, Wharton School, mimeo. 2. Alchain, 1973, “On a Correct measure of Inflation”, Journal of Money, Credit and Banking, Vol. 5, pp173-91. 3. Bernanke, B., M. Gertler,1983,“Non-Monetary Effects of the Financial Crisis in the Propagation of the Great Depression”, American Economic Review, Vol.73, No.3, June. 4. Bernanke, B., M. Gertler,1995, “Inside the Black Box: the Credit Channel of Monetary Transmission”, Journal of Economic Perspectives, Vol.9, No.4, Fall. 5. Bernanke, B., M. Gertler and S. Gilchrist, “The Financial Accelerator and Flight to Quality,”The Review of Economics and Statistics, Vol.78. 6. Bernanke, B., and M. Gertler, “Monetary Policy and Asset Prices Volatility”, Economic Review, 4th Quarter, 1999. 7. BIS, 1998, The Role of Asset Prices in the Formulation of Monetary Policy. 8. Capie, F., and G. Wood, 1997, Asset Prices and Real Economy, Macmillan Press. 9. Coley,T., 1999, “Should the Fed Take Deliberate Steps to Defeat Asset Bubbles?”,FRBSF, Economic Review, No.1. 10. Dress, B. and C. Pazarbasioglu, 1998, “The Nordic Banking Crisis: Pitfalls in Financial Liberalization?”IMF Occasional Paper No.161. 11. Fisher, I., 1933, “The Debt-Deflation Theory of Great Depression”, Econometrica, No.1. 12.上一页 [1] [2] [3] [4] [5] [6] [7] [8] [9] [10] ... 下一页 >> |