Numerical Simulationn On Blasting Cavity And Experimental Study Of Grouting For Supporting In Soil

Monetary policy is an important instrument of macroeconomic regulation. Based on the open market operations, adjustment of the required reserve ratio and change of the rediscount ratio, the People's Bank of China ensures the financial market to develop stably and improves the economics to grow. Stock market is an important part of financial market, the operational state of which should make important effects on the formulation and implementation of monetary policy. Thus, investigating the interaction between China's stock market and monetary policy can help us better understand the interaction mechanism between monetary policy and financial market, and also has important implications for improving the efficiency of monetary policy and ensuring the healthy and stable development of stock markets. The main study method and innovations are as follows:(1) Employing DCC-GARCH model, we find that the correlations of volatilities between stock market and monetary policy are time-evolutionary. The volatility correlations between stock price and M1 are positively dominated, and the degree is the largest, followed by the correlations between M2, interest rate and stock price. The volatility correlations between M2 and the stock price are negatively dominated while those between interest rate and the stock price are of complexity. At last, the volatility correlations between MO and the stock price are almost not correlated.(2) Based on various VAR models, the evidence from variance decomposition and impulse response function shows that the effects on the stock market brought by the monetary policy are very minor. Among all of the variables of monetary policy, the interest rate makes the greatest effects on the stock price. The stock price responses first negatively and then positively to the impulse from the interest rate. The effects caused by M2 on the stock price are greater than those caused by the impulse of M1 and MO. Moreover, the stock price mainly positively response to M1 while it mainly negatively response to MO and M2. (3) Analyzing the response of monetary policy variables to the impulse of stock price, we find that M1 response the greatest to the impulse of stock price, followed by interest rate, M2 and M0. Overall, the stock market makes certain effect on the measure of money supply and the interest rate.