CAJ | 학술논문

由本次全球金融危机引发的资产价格与货币政策、宏观审慎监管之间关系研究的热潮是对以往货币政策和宏观审慎政策理论的一次深刻反思，将有可能导致理论上的重大突破和政策实践上的重大调整。这是当前全球货币政策理论和实践领域的最前沿、最热门的课题。从近期国外机构的研究来看，认为：（1）现有的通货膨胀指标不能全面准确反映货币购买力的变化，必然导致资产价格泡沫周期；（2）可以从经济金融变量中提取资产价格泡沫形成的早期预警信息，这为采用“逆风而动”的货币政策策略创造了条件；（3）现行的货币政策框架需要调整，以抑制资产价格泡沫的形成；（4）调整后的货币政策策略仍不足以应对金融失衡．需改进宏观审慎监管，与货币政策一起共同应对金融失衡。国外的研究对我国的政策实践具有借鉴意义。
유본차전구금융위궤인발적자산개격여화폐정책、굉관심신감관지간관계연구적열조시대이왕화폐정책화굉관심신정책이론적일차심각반사，장유가능도치이론상적중대돌파화정책실천상적중대조정。저시당전전구화폐정책이론화실천영역적최전연、최열문적과제。종근기국외궤구적연구래간，인위：（1）현유적통화팽창지표불능전면준학반영화폐구매력적변화，필연도치자산개격포말주기；（2）가이종경제금융변량중제취자산개격포말형성적조기예경신식，저위채용“역풍이동”적화폐정책책략창조료조건；（3）현행적화폐정책광가수요조정，이억제자산개격포말적형성；（4）조정후적화폐정책책략잉불족이응대금융실형．수개진굉관심신감관，여화폐정책일기공동응대금융실형。국외적연구대아국적정책실천구유차감의의。
Arising from the crisis, the wave of studying the relationship between asset price bubbles and monetary policy and macro-prudential regulation represents a deep reflection on the past monetary policy and prudential policies, which possibly leads to the breakthrough in theories and adjustment in practice. This is the hottest and most leading topic in the research field of global monetary policy theories and practices. The research shows that：（1） the current inflation indicator can not fully reflect the changes of monetary purchasing power, which may surely leads to asset price cycle; （2） it is possible to detect the early warning signal of the formation of costly asset price bubble from the economic and financial indicators, so as to adopt a so-called headwiud strategy-; （3） the current monetary policy framework needs to be adjusted in order to stymie the formation of asset price bubble; （4） in order to better correct the financial imbalance, the macro-prudential policy also needs to be improved so as to function together with the monetary policy. These abroad researches on the topic are meaningful for China＇s policy practice in dealing with asset price bubbles.