中国货币政策中介目标与股市关系的实证研究

An Empirical Analysis on the Relationship of the Intermediate Target of Monetary Policy and Stock Market

货币供给量和利率作为货币政策的中介目标,两者的变动反应了货币政策的松紧,最终会影响到实体经济。股市的波动从某种程度上能反映一国实体经济的周期。文章尝试运用经济计量学的有关方法分析了我国短期内货币供给和利率的变动与股市波动的关系。

The volatility of the supply of money and interest which are the intermediate target of monetary policy reflects the monetary policy and will affect on the economy in the end. The volatility of the stock markets reflects the cycles of a country's economy in some sense. In the paper, I will try to apply some econometrics methods to analysis relationship between the volatility of the supply of money and interest and the performance of stock market.