Research on Chinese Monetary Policy: Targets Extend to Asset Prices

被引：0
|
作者：
Wang Cunli [1 ]
Wang De [2 ]
机构：
[1] Xi An Jiao Tong Univ, Sch Econ & Finance, Xian 710076, Peoples R China
[2] Cent Univ Finance & Econ, Sch Finance, Beijing 100081, Peoples R China
来源：
PROCEEDINGS OF THE 7TH INTERNATIONAL CONFERENCE ON INNOVATION AND MANAGEMENT, VOLS I AND II | 2010年
关键词：
Monetary policy; Asset prices; LA-VAR; Monetary policy target; OUTPUT;
D O I：
暂无
中图分类号：
F [经济];
学科分类号：
02 ;
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.
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页码：737 / +
页数：2
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