| The monetary policy and the asset price have close relationship with each other in theory. At present, there are many discussions and analyses about this problem, especially in the area of monetary policy and the stock price. Some scholars use a great deal of advanced models to prove their ideas and get a lot of important results.This article has proved the relationship between the monetary policy and the asset price in the aspects of theory and practice. The arm of this article is not the dynamic effect and the precise model, just the relationship between monetary policy and the asset price. Though I make many valuable conclusions by performing econometric analyses, there are still many questions in real world. If this paper can make some efforts on our country's monetary policy, it will be valuable.In the beginning, I make detailed explanations to the monetary policy and asset price in theory. Then the relationship between monetary policy and the asset price are discussed in detail in chapter 4. Generally speaking, monetary policy can cause the fluctuation of asset price. On the contrary, the fluctuation of asset price can also affect the adjustment of monetary policy. The explanations are not enough only in theory. So I make use of our country's data and econometrics model to prove relationship between monetary policy and the asset price's fluctuation. The result is not so perfectly and directly like we think at first; the effect is also not intense. I believe there are some kind of lags and obstacles in their transitions. But if we look this problem from a long term, there are equilibrium correlations between their relationships. It was proved in Johansen cointegration test. In the next, I get the comprehensive variable about our country's monetary policy to test correlations between it and the asset price. Finally, I get the summary of this article and give our monetary authorities many suggestions. I hope this article have great significance to our authorities. |
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