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本文运用模型推导包含房价的最优利率规则与货币供应量规则,并进行模拟分析。研究结果表明:无论采用利率还是货币供应量进行调控,如果货币政策不对房价波动做出反应,通货膨胀率将更低,产出波动和损失函数将更小;从两个货币工具调控效果的比较来看,无论货币政策对房价波动做出反应或不做出反应,利用货币供应量进行调控时,通货膨胀率更接近于目标值,产出波动更小,损失函数也更小。
In this paper, the model is used to derive the optimal interest rate rules and money supply rules that contain the housing prices and carry out the simulation analysis. The results show that if monetary policy does not respond to the volatility of housing prices, irrespective of interest rate or money supply, the inflation rate will be lower and the output volatility and loss function will be smaller. From the comparison of the effects of the two monetary instruments From a monetary policy perspective, whether monetary policy responds to or does not respond to fluctuations in house prices, the use of money supply to regulate the inflation rate closer to the target value, output fluctuations smaller, the loss function is smaller.