关键词: 货币政策, 非线性调控模式, 动态目标, 房价目标

Abstract: From the perspective of non-linear adjustment mode, this paper examines China's monetary policy through constructing a multi-objective adjustment model that takes economic growth, price stability and housing price stability into consideration. The findings show that the adjustment mode for China's monetary policies depends on the realization of GDP growth rate, the control effectiveness on inflation and the changing range of housing prices growth rate, which reflects a non-linear adjustment mode with multi-objective dynamic rotation attention. Specifically, China's monetary policy has a positive and negative asymmetric preference for economic growth and price stability respectively, and it has insufficient strength in adjusting and controlling the inflation. It has positive asymmetric preference for the control of housing prices and relies more on historical housing prices rising information, which attributes to the rather strong inertia of the increasing housing prices. These findings imply that it is of great realistic significance to change the asymmetric adjustment preference of the monetary policy, especially enhancing the adjusting and controlling strength on the inflation, and at the same time guide the public to lower the expectation of the rising of housing prices and strengthen the control over the precipitous rise of housing prices, so as to improve the effect of China's monetary policy.

Key words: monetary policy, non-linear adjustment mode, dynamic targets, housing prices target