The Asymmetry Of The Asset Prices In Monetary Policy Transmission Channels In Our Country

Asset price transmission channel decomposition for the two conduction path to verify that the asymmetry of the asset price transmission channels were constructed the structure of an economy model that contains the equilibrium model of urban consumption, income and asset prices, and included in the inflation expected variable. Taken on the basis of quarterly data, the asymmetry of the impulse response model by the SVAR model with Markov district system conversion under the conduction of monetary policy in asset prices empirical analysis, and the use of state-space models and other methods for different assets marginal We describe the time-varying characteristics in the propensity to consume. The empirical results show that:firstly, monetary policy transmission mechanism affects much more on stock prices than on real estate prices. The negative responses to interest rate of stock prices concentrate between-0.03and-0.0033, while the negative responses to interest rate of house prices lie between-0.00159and-0.0002. Secondly, the stimulative effect of real estate market to economic entity is insignificant due to the existence of bubbles, thirdly, monetary policy on asset prices conduction in different inflation district system under the same asymmetry, fourth, real estate has a strong positive wealth effect in the short term, but in the long term the trend gradually reduce,stock has the spot wealth effect, but don’t have the long run wealth effect. fifth,the wealth effect of different assets with non-symmetric, the wealth effect of real estate is much larger than the stock, Therefore,Attention should be paid to real estate market rather than restriction. Monetary policy transmission of interest rate should be smoothed in order to provide financing platform to the construction of public rental housing and low-rent housing as well as improve the market efficiency and the barometer function of stock market,making a reasonable proposal to increase the asset income of urban residents and stimulate the whole society consumption.