A Research On The Relationship Between Monetary Policy And Asset Price Based On Real Estate And Stock Market

The relationship between monetary policy and asset price can have an important impact on national macro-economy.Because monetary policy did not respond promptly to bubbles in real estate and stock markets,Japan's economic development experienced a "lost 20 years".Similarly,in the United States,due to the excessive money supply,When the real estate market bubble was stamped in 2007,the severe subprime crisis occurred and further developed into a global financial crisis,which had a great impact on the world economy.In the face of the continued impact of the global financial crisis and the three period superimposed,China also needs to attach importance to the relationship between monetary policy and asset price,to prevent the financial risks caused by asset price fluctuation and to promote the healthy development of economy.Under the background of this era,it has far-reaching theoretical and practical significance to study the relationship between monetary policy and asset price.This paper studies the relationship between monetary policy and asset price through the combination of theory and demonstration,taking real estate price and stock price as a breakthrough.The chapters are arranged as follows: The first chapter is the introduction,the research background,significance.Finishing the relevant references at home and abroad,explaining the content and methods,innovation and deficiencies.The second chapter discusses the basic theory of the mutual influence of monetary policy and asset price,which lays a theoretical foundation for the concrete analysis.The third chapter and the fourth chapter are the main contents of this article,through the theoretical analysis and the VAR model demonstration,obtains the monetary policy and the real estate price mutual influence relations,the monetary policy and the stock price mutual influence relations.The fifth chapter summarizes the article,puts forward the policy suggestions to prevent financial risks,the specific measures are: monetary policy should pay attention to its impact on asset price,prevent the emergence of asset price bubbles;sound monetary policy and macro-prudential double pillar regulatory framework to effectively regulate asset price fluctuations;deepen the interest rate marketization reform,Strengthen the role of price-type monetary policy in regulating asset price.This article has the following two points innovation: on the one hand,the research content is comprehensive.This paper not only study the relationship between monetary policy and real estate market,but also study the relationship between monetary policy and stock market,so as to make the research content concrete and comprehensive.On the other hand,the empirical data has great time span and rich data quantity.This paper selects 216 groups of monthly data from January 2000 to December 2017,which can promote the effectiveness of empirical results.