The Analysis About The Effect Of Asset Price Fluctuation To Macroeconomic

In recent years with the marketization of acceleration, the perfection of the financial markets, the volatile prices of assets can be transferred to market economic entity through the intermediary. At the same time stock and real estate has become the most important assets in the life of ordinary people.They affect the development of national economy by influencing everyone's economic life. What the academic and policy departments concerns is that on one hand, what affect China's asset price fluctuation has produced,that is if the wealth effect and investment effect exists, and the reason. On the other hand, different understanding and judgment will cause people to put forward different policy suggestions of macroeconomic regulations and use different controlling tools, it is related to the healthy operation of the real economy.Based on the related theoretical study abroad, based in combination with the development of capital market, this paper further analyzed the transmission mechanism from asset prices to the entity economy. This paper uses the data from the first quarter of 2001 to the fourth quarter of 2009, makes an empirical analysis of the relationship between price fluctuation of real estate market stock market and investment, consumption and gross economic growth, the empirical results show that the stock market wealth effect and investment effect is not obvious, and the housing wealth effect and investment effect is very significant. The last part of the paper is analysis and conclusions, and then discusses how the stock market has an effect on economic growth. At the same time,it gives some ideas about how to make effective macro policies to promote the economic development by using housing conduction mechanism.