【作者】 谭峻；

【导师】 刘巍；

【作者基本信息】 广东外语外贸大学 ， 国际贸易学， 2008， 硕士

【摘要】 股票市场和货币政策的关系问题是近年来金融界普遍关注的热点问题。特别是随着近几年来股票市场的迅速发展,更多的投资者纷纷参与到股票交易中,股票市场成为了货币政策传导的重要渠道。因此,有关于股票市场在传导货币政策时消费效应和投资效应是否得到了发挥以及发挥的程度如何的问题,受到了理论界和宏观经济政策管理者的极大关注。特别是在理论界,针对这一热点问题,国内的诸多知名学者都对之进行了大量的研究并得出了不尽相同的结论。论文在现有文献的基础上定性和定量分析相结合。首先定性分析货币政策传导机制的内在构成要素以及货币政策传导机制在我国的概况,然后将我国的货币政策传导机制进行了计量分析。并且建立VAR模型实证分析了货币政策的变化对股票市场的影响,以及股票市场波动对实体经济的影响。更多还原

【Abstract】 The association between stock market and monetary policy has become a hot topic in the financial field. The quick development of stock market recently in China enables it to be a new channel to transmit monetary policy, and the stock market itself attracts more and more people to focus on it. Many investors in our country do a lot of research to study the consumption and investment effects of monetary policy transmission and get different achievements. In order to know whether the effects of monetary policy transmission through stock market has had a big change nowadays as stock markets develops, this thesis conducts a study on them by combining the theory of monetary policy transmission with the realities of economy and finance in China.The paper analyzes the monetary policy transmission mechanism of qualitatively and quantitatively on the basis of existing document. Firstly, the history and intrinsic integrant part of monetary policy transmission mechanism which is divided into internal transmission mechanism is econometrically analyzed. And then estabilshed a VAR model of monetary policy transmission mechanism, it analyzes the relationship between money supply, price,stock index, consuption and investment.更多还原