Research on Asset Bubbles and Two-pillar Regulation:Theory,Policy and Prospect
Asset bubbles are a crucial factor that impacts financial stability and macroeco-nomic fluctuations,originating from the friction within the financial market.While asset bubbles may initially lead to temporary prosperity,they are susceptible to emotional shocks,exacerbating volatility in both financial markets and the macroeconomy.This pre-sents a significant challenge for enhancing the macro-control framework.Monetary policy and macroprudential policy serve as two essential instruments for addressing asset bubbles,collectively known as the two-pillar regulatory framework.This paper provides a compre-hensive summary and analysis of relevant research on asset bubbles and dual-pillar regulation along a specific logical chain,making theoretical contributions towards preventing and re-solving asset bubbles while promoting financial stability.There remains ongoing debate re-garding whether monetary policy should consider targeting asset prices;however,in recent years,macroprudential policy has gradually emerged as an effective complement to mone-tary policy.Effectively coordinating monetary policy with macroprudential policy is neces-sary to address asset bubbles by defining their roles within a unified framework and explor-ing an optimal two-pillar regulatory framework through continuous theoretical research and practical application.
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