The Analysis On The Monetary Policy Transmission In The Different Stock Market Condition

Since 1990s, A ccompany with the financial innovation,globalization and the deeping of capital markets, a great change has taken place in the financial structure and economic environment. The status of the stock market in the financial activities has increasingly growing, the inpact on the economic growth and other economic variables is also growing. Especially since 2006, with the Share-Trading Reform of our country's stock, the stock market into full circulation eras,the stock as a "barometer" in Chinese economy's effect more and more remarkable, the position in the macroeconomic has rising,which causes the Cental Bank have to consider the impact of the stock market when it executes the monetary policy.Under this background, the thesis uses the theoretical and empirical methods, foucses on the transmission mechanism of monetary policy through stock market in our country, in order to solve the problem whether the transmission mechanism of monetary policy through stock market in our country is effcient.According to the stock market transmission mechanism of the monetary,the thesis follows the step by step approach method, divided into two major parts to studys the stock market transmission mechanism of the monetary.Firstly, uses the two variables-money supply and interest, researches the monetary policy transmission to the stock market; Secondly.uses the wealth effect and investment effect analyzes how the monetary policy through the stock market impacts to the real economies.This thesis also divisions three areas-the whole market cycle,the bull market cycle and the bear market cycle of each parts, in order to deeply reseaches the monetary policy transmission mechanism in the different stock market condition.Finally, according to the empirical analysis results, proposes some suitable policy suggestion.This thesis is divided into eight chapters. Chapter One is introduction, to clarify the writing background,correlative literatures, writing consecution and writing innovations; Chapter Two is a theoretical review; Chapter Three is introducts our country's monetary policy transmission, it mainly comprises the microcosmic behaviors of the enterprise, the bank and the inhabitants. The next part is the empirical study.which is contains Chapter Four and Chapter Five. Chapter Four researches on the first step of the monetary transmission mechanism of the stock market in demonestration; Chapter Five researches on the second step of the monetary transmission mechanism of the stock market in demonestration. Chapter Six investigates the reasons of effecting our stock markrt's monetary transmission mechanism. Chapter Seven proposes some related suggestions. In the end, there are omnibus conclusions.