货币政策对股票市场影响的实证研究

An Empirical Study of the Impact of Monetary Policy on Stock Market

运用向量自回归方法分析2000年1月至2017年12月我国货币政策、股票价格、通货膨胀率和产出水平之间的关系,实证结果表明,货币政策在一定程度上影响着股票价格,货币供应量对股市变动的贡献程度比利率的贡献度要大。股票市场的变化会对产出水平和通货膨胀率产生影响。

This study uses vector autoregressive method to analyze the relationship between Chinese monetary policy,stock price,inflation rate and output level from January 2000 to December 2017.The empirical results show that monetary policy affects stock price to some extent.The contribution of money supply to stock market changes is greater than the contribution of interest rates.Changes in the stock market will have an impact on output levels and inflation rates.