| Abstract | The validity of "nominal interest rate adjustment→asset value restoration→real economy recovery" has always been a topic among scholars and the policy makers. Based on this, the article makes a correction on the classical Tobin's Q theory, separating the asset's basic value from it's speculative value, and then build a forward looking monetary police rule with asset's basic value under a DEGE framework to make a necessary discussion. The results show that nominal interest rate adjustment has a prominent effect on promoting asset value restoration, and then pulls real economy recovery. And the main cause of capital market going active with the real economy recovering slow at this stage is the mismatch between the real business cycle and the financing cycle. However, we should also not ignore the negative impact of huge asset price volatility on financial stability. Therefore, the monetary authorities should pay high attention to policy guidance beforehand, preventing the investors from making excessive policy interpretation, so that we can play the positive guidance function of monetary policy and maintain financial stability at the same time. |