Monetary Policy Transmission Mechanism Of Stock Market

In recent decades, the development of the maturity of the stock market has become an important national symbol of economic development take off, the stock market to participate in the proportion of a country's national economy continued to increase in the stock market sound, reasonable and orderly development can promote the healthy and continuous development of the national economy. With the stock market in the national economy, playing an increasingly important role in monetary policy and the relationship between the stock market, new changes are slow, the development and implementation of monetary policy affects not only the stock price changes, and Through the changes to boost the stock price effect of stock market investment and consumption effects play a role, so to have an impact on the real economy, and further affect the operation of a country's overall economic situation.Based on the possession of large amounts of data and empirical data is available, from both theoretical and empirical exposition of the system of monetary policy transmission mechanism of stock markets throughout the process and the stock market to monetary policy transmission mechanism of monetary policy throughout the process broken down into the impact on the stock market and the stock market on the real economy so that the two aspects to be studied and discussed. In the research method, this paper uses the unit root test, cointegration test, Granger causality test econometric empirical analysis, empirical analysis from which we can draw factors affect the stock market, monetary policy transmission mechanism. Finally, according to the preceding empirical analysis this paper can be targeted to the monetary policy transmission mechanism of the stock market make relevant policy recommendations.