【摘要】 自20世纪80年代中期起,随着资产价格泡沫的出现、扩张与崩溃,日本的经济经历了一场极为罕见的起伏。考察日本泡沫经济出现与崩溃的货币政策管理,发现在出现资产价格大幅偏离的情形下,一般价格水平的稳定是不足以作为货币政策的指导目标,中央银行在制定货币政策的时候应该要更多地考虑资产价格的波动。这些经验教训可以为我国目前的房地产价格高速增长下的货币政策提供一个借鉴。更多还原

【Abstract】 Began at the middle of 80 years of the last century, Japan’s economy has experienced an extremely large swing against the backdrop of the emergence, expansion, and bursting of asset price bubbles. Bank of Japan policy outcomes prior to Japan’s asset price bubbles were impressive; however, during and after the asset price bubbles, policy outcomes have been disappointing. This article examines the emergence and bursting of the bubbles economy from the viewpoint of monetary policy management, and point that the general price level stability is not enough as the guide of monetary policy, and Bank of Japan should have given more consideration to asset price volatility in making its monetary policy.更多还原