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沙龙时间：5月10日（周五）10:00—12:00AM
沙龙地点：柳林校区颐德楼H314
研讨题目："Modified Money Demand Theory Incorporating Asset Price and Its Empirical Evidence in China "
沙龙受邀人：杨 娟（北京大学汇丰商学院，助理教授）
沙龙主持人：高 琪（财税学院，副教授）
沙龙点评人：罗荣华（金融学院，副教授）
沙龙语言：中文， English
沙龙主办方：大金融学术研究沙龙、金融学院、财税学院、科研处
沙龙论文摘要：
This paper modifies classical money demand function and builds the corresponding VECM model to investigate the interactive relationship among a series of variables, including both good and asset market in China. This paper answers such two questions, first, why asset price should enter traditional money demand function and what is impact on money market equilibrium and output. Second, how to use such modified money demand theory to explain the disproportional change in inflation to the change in money supply in China and what is the impact of asset price transmission on inflation. By answering such two questions, this study further infers the policy implication if asset price should be considered in the monetary policy conduction. The basic conclusion is that asset prices, good price and economic fundamentals exhibit significant long-run co-integration relationship; money supply is still the major factor affecting inflation in the long run, whilst asset markets play an important role to boost the money demand and maintain money market equilibrium in the short run. The rising asset prices will accelerate and magnify the inflation progress over time. This study has clear policy implication for monetary authority, both asset prices and good price should be consistently targeted and monitored to better stabilize the inflation. Such modified money demand function could be used to analyze more general inflation transmission in the other region and country.
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