【摘要】 股票价格的波动既会通过影响经济主体的持币机会成本而影响货币的投机需求,也会通过影响总供求和金融资产价格而影响货币的交易需求和预防需求,进而影响货币需求。从理论分析的结论和实证研究的结果看,股票价格对货币需求的影响是负向的,而且股票价格与货币需求之间存在着长期的均衡关系,因此货币当局在制定和执行货币政策时必须考虑股票价格的变化;但是由于这种影响比较小,因此,货币当局还不能将其纳入到货币政策目标体系当中,即货币当局只能关注而不能盯住股票价格。更多还原

【Abstract】 The fluctuation of stock price will not only influence monetary speculation demand through influencing economic entity’s opportunity cost of holding money,but also influence monetary transaction demand and prevention demand through influencing aggregate supply and demand,and financial asset price,and then influence money demand. From the conclusion of theoretical analysis and the results of empirical research,the influence of stock price on money demand is negative,and there is a long-term equilibrium relationship between stock price and money demand,so monetary authorities must pay attention to the change of stock price when formulating and implementing monetary policy. But because the influence is weak,monetary authorities cannot bring stock price into the goal system of monetary policy,that is monetary authorities only pay attention to stock price,instead of staring at it.更多还原