CAJ | 학술논문

基于新凯恩斯风险外溢视角，探讨了开放型大国货币政策是否应该对资产价格波动进行回应。在对四种可选择货币规则比较后发现：相对于基准规则，其它三种对资产价格波动做出了反应的货币规则都提升了社会福利效应，而对国内外两种资产价格波动都进行反应的混合型货币规则更是带来了社会福利损失更小化。因此，在一个两国风险外溢框架下，开放型大国央行在执行货币政策时不但应该对国内资产价格波动进行反应，也应该对国外的资产价格波动进行反应。
기우신개은사풍험외일시각，탐토료개방형대국화폐정책시부응해대자산개격파동진행회응。재대사충가선택화폐규칙비교후발현：상대우기준규칙，기타삼충대자산개격파동주출료반응적화폐규칙도제승료사회복리효응，이대국내외량충자산개격파동도진행반응적혼합형화폐규칙경시대래료사회복리손실경소화。인차，재일개량국풍험외일광가하，개방형대국앙행재집행화폐정책시불단응해대국내자산개격파동진행반응，야응해대국외적자산개격파동진행반응。
Based on the new Keynesian risk spillover perspective,this paper explores whether the monetary policy in the open country should respond to asset price fluctuations.Through comparing four alternative monetary policy rules,we reveal that relative to the benchmark rule,the remaining three monetary rules that respond to the asset price fluctuations all boost the so-cial welfare effect,whereas the monetary policy rule that responds to both domestic asset prices and foreign asset prices fluctu-ations will bring about less losses to the social welfare.In a two -country risk spillover framework,therefore,the central bank should respond to both domestic and foreign asset price fluctuations when implementing the monetary policy.