摘要
使用1997—2012年的季度数据,建立了货币供应量M2与上证综合指数的平滑转换回归模型(STR),研究结果发现,货币供应量M2对上证综合指数的影响机制是非线性的,且是正向的影响.非线性关系的存在说明我国货币政策对股票市场的影响比较复杂,这也为我国货币政策的实施提出了挑战.
The ailthors of this paper established the smooth transition regression model between money supply and share price with quarterly data from 1997 to 2012.The results of our study are the influence of money supply on share price is nonlinear and positive. The existence of nonlinear indicates that the relation of money supply and share price is complex and challenges monetary policy.
出处
《数学的实践与认识》
CSCD
北大核心
2014年第13期137-141,共5页
Mathematics in Practice and Theory
