Investor Mood as an Input of Monetary Policy—A General Theory with Policy Simulations in the Chinese Context
将投资者情绪纳入货币政策的理论框架，用中国数据模拟不同政策目标下货币政策对投资者情绪的反应，为央行应对资产价格波动提供参考。
The global financial crisis of 2008 has in effect made a stronger case that monetary policy needs to be more proactive before and after asset price bubbles.The paper is an effort to formalize this view.Extending the quantity theory of money and the Philips Curve,the authors set up a new theoretical framework of monetary policy, which takes investor mood into account.In the model,investor mood coupled with monetary policy drives asset price and thus affects the real economy;therefore,monetary policy needs to move against investor mood in order to avoid macroeconomic shocks.Finally,the authors calibrate our model with Chinese data and worked out various monetary policy responses to investor mood depending on different policy objectives.