The Research On Monetary Policy And Assets Price Fluctuate

The relationship between the change of the asset prices and monetary policies is also the hot issue in the theoretical field.The financial asset play more and more important role in the formulation of the monetary policies.With the development of our financial market, The huge change of the asset prices are frequently today and bring many strong shocks to the macro-economy.All of that make our monetary policy face a new chanllege.It is very needed for our theoretical field to do more research on this issue.The thesis takes the combination of normative analysis and positive analysis as the researching method. The thesis has proved the relationship between the monetary policy and the change of asset price in the aspects of theory and practice,It also do a lot research on the change of the asset prices and monetary policy separately. In the first chapter. the thesis reviews the previous financial crisises which were caused by the changes of asset price in order to make us know the research of the relationship between the change of the asset prices and monetary policies is significant. In the second chapter.it summarizes existing results of domestic and international monetary policy and the change of asset prices and tell us at this stage of our China's capital market is very need theoretical innovation in this area.In the third chapter.it review the theory of monetary policy and make a theoretical analysis of relevant issues.In the fourth chapter.It researches the issue of the change of asset price and Analysis what are reasons for the asset price volatility .In the fifth chapter.It reveals the relationship between the Volatility of asset prices and monetary policy .(1)The first,It Analysises the impact of the whole monetary policy system what was caused by change of asset price. (2)It does more and further research on the relationship between the Volatility of asset prices and monetary policy .In the sixth chapter.It uses the positive analysis to verify the relationship between the two of them. The conclusion of the thesis:It really exists a strong correlation between variables of monetary policy and stock market prices but a poor correlation with the bond market; By analyzing Cointegration relationship between the various monetary policy variables and the two capital market asset prices we know its co-products are not abvious ,that is to say there is no long-term stable relationship between two simple variables ;central banks using monetary policy shuld pay more attention to a certain degree,it also give a higher requirement to the Central bank of our China; The central bank has difficulties in the economic control. in the practical Economic environment not all the initiatives are controlled by the Central bank, control effect will be the impacted by various exogenous variables.