A Study On The Dilemma And Strategy Of Monetary Policy Under Inflation Of Financial Asset

With the fast development of financial market and increasing amount of financial asset, there is a super-relaxing monetary environment in the global. and the excess liquidity leads to the huge rise in asset price. At present, the excess liquidity becomes a big challenge for maro-economic strategy for every country. The dilemma in realistic operation roots in that the main research target of the current monetary theory is focused on real economy, not conderisng the impacts of the changes of financial asset amounts and prices, So this leads to the decreasing effectiveness of monetary policy,and increasing difficulty of financial maro-management. Under this background, an important issue is to analyze the impacts of the infaltion of financial asset amounts and prices on the basic theory of money, the dilemma brought about to the monetary policy, and explore the solving suggestions, This is a problem of both theoretical and realistic singinficance.The paper consists of three big parts and nine chapters.The first part includes the first charpter, introduction and the second charpter, theoretical foundation. The second part is from the third chapter to the sixth chapter, It exams the impact of inflation of financial asset on the basic theory of money, and analyzes two main monetary dilemmas brought about by the infaltion of financial asset. The third part is from the seventh chapter to the ninth chapter, It explores the option of monetary policy, the strategy of China and the conclusion of the paper.The main contributions include: (1) A different research perspective, From the infaltion of both amounts and price of financial asset, The paper is focused on analyzing the impact of inflation of financial asset on the basic theory of money, the dilemmas brought on the operation of monetary policy. and related suggestions; (2)Analyze the impacts of inflation of financial asset on the changes of monetary supply and structure; (3) From credit perspective, define "liquidity" from both narrow and broad perspective; (4)Using the theory of financial hoarding to analyze the impact of the inflation of financial asset amounts on the cycle of money; (5) Analyze the changes of monetary target under infaltion of financial asset; (6)As for the dilemmas of monetary policy brought about by the infaltion of financial asset, it puts forward some new suggestions.