摘要
文章在VECM模型的基础上,运用脉冲响应方法分析了股票市场在低迷时期和膨胀时期对不同货币政策冲击响应的效果。结果表明:货币政策可以有效地调节资产价格,在资产价格低迷阶段,用利率调节具有相对持久和明显的作用,金融机构贷款也在推动股票价格上涨中起到了一定的作用;在资产价格膨胀阶段,利率可在一定时期内起到微调作用,控制货币供应量可对价格泡沫的控制起到即时效果。
Based on the VECM model, use of impulse response analysis method, this paper gives an analysis of the response of the stock market after the impact of different monetary policy in the periods of downturn and expansion respectively, to give an answer of how monetary policy control the fluctuation of asset prices in different stages. The results show that the monetary policy can adjust the asset prices effectively. In the period of asset prices downturn, interest rate adjustment has a relatively lasting and significant effect, loans from financial institutions also play an effective role in stock prices to a certain extent. In the period of asset prices expansion, interest rate plays a fine - tuning role in a certain period of time, and the control of money supply has an immediate effect in controlling price bubbles.
出处
《财经科学》
CSSCI
北大核心
2009年第10期27-34,共8页
Finance & Economics
