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本文根据我国2000年以来的统计数据,对我国货币政策与资产价格之间的关系进行了研究。研究结果发现:货币政策对资产价格具有一定的影响力,货币当局增加货币供应量或者实际利率上升都会造成房地产实际价格上涨,深证综合指数与上证综合指数对货币政策变动的长期反应是不一致的;货币政策变量对房地产和股票价格的冲击都具有一定的滞后效应,而且政策的影响会持续一段时间;货币政策变动对不同资产价格的冲击是不对称的,房地产价格对实际货币供应量调整很敏感,而股票价格对实际利率的调整更为敏感。
Based on the statistical data of our country since 2000, this paper studies the relationship between monetary policy and asset price in our country. The result shows that the monetary policy has a certain influence on the price of the assets. When the monetary authority increases the money supply or the real interest rate increases, the real price of the real estate will rise. The long-term reaction of the Shenzhen Composite Index and the Shanghai Composite Index to the change of monetary policy is inconsistent ; The impact of monetary policy variables on real estate and stock prices has a certain lag effect, and the impact of the policy will continue for some time; the impact of monetary policy changes on different asset prices is asymmetric, real estate prices on the real money supply adjustment is very Sensitive, while the stock price is more sensitive to the real interest rate adjustment.