Research on Chinese Monetary Policy: Targets Extend to Asset Prices

摘要：

This paper attempts to measure the impact of monetary policy on the asset prices. We apply a lag augmented vector autoregression (LA-VAR) to investigate the impact of monetary policy on asset prices with an empirical study of Chinese monetary policy from 1998 to 2008. The result shows that the adjustment of interest rate follows the stock market change which proved to be the granger reason of interest rate. This indictates that Chinese monetary policy refers to asset prices, its targeting to asset prices supports that proper monetary policy can affect asset prices and reduce the fluctuates of asset prices.

作者: Wang Cunli Wang De

作者单位: School of Economics and Finance,Xi’an Jiaotong University,Xi’an,P.R.China,710076 School of Finance,Central University of Finance and Economics,Beijing,P.R.China,100081

会议类型: 国际会议

会议名称: The 7th International Conference on Innovation and Management(第七届创新与管理国际会议 ICIM 2010)

会议地点: 武汉

会议语种:英文

页码: 737-741

在线出版日期: 2010-12-04（万方平台首次上网日期，不代表论文的发表时间）