2007•Huadong jingji guanliRequires access

Role of Asset Prices on the Transmission of Monetary Policy

LU Wan-qinga

Abstract

The papers do positive analysis on the role of asset price on the transmission of monetary policy.The results show that there are high efficiency in the transmission from the central bank to asset price and low efficiency from asset price to real economics.The fluctuations of asset prices lower the transmission efficiency of monetary policy and impair the stability of financial system.Under such circumstances,the central bank shouldn't bring the asset prices into the ultimate goals of monetary policy and should respond to asset prices moderately at suitable time.

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Key concepts: Asset (computer security), Monetary policy, Economics, Non-performing asset, Monetary economics, Basis risk, Price of stability, Consumption-based capital asset pricing model