The Impact Of Monetary Policy To Asset Price Fluctuations

In recent years, the asset price fluctuations in stock, real estate has become an important factor affecting the global economic and financial stability. In China,with the sound development of China’s financial system,central bank use monetary policy tools of macroeconomic regulation and control become more frequent and operating efforts are constantly increasing,especially the stock of monetary policy on macroeconomic trend,real estate assets represented by market development the role of the impact is becoming a hot spot,in-depth study of this issue and contribute to China’s monetary authorities timely and systematic measures to deal with asset price bubbles,to cope with the increasing frequecy of banking crises and financial imbalances,in order to maintain long-term price stability and financial system stability,to maintain macroeconomic prosperity and development.The article first discusses the domestic and international literature review of the intervention effect of the intrinsic relationship of the monetary policy and asset price volatility and monetary policy to asset price fluctuations.Literature comb and commentsbased on monetary stability perspective to expolore new ideas of monetary policy on asset prices and monetary policy on asset prices affect the way the theoretical analysis.on this basis,bank credit as a proxy variable of monetary policy instruments,considering the time series of structural changes of the properties,and to estabilish research and monetary policy to asset price fluctuations in non-linear Markov system conversion vector autoregressive model.With the model,the use of Chinese data,respectively, the empirical analysis of the impact of monetary policy on stock price fluctuations and monetary policy on real estate price fluctuations.Empirical analysis of monetary policy on asset price volatility asymmetry,namely the role of monetary policy in the inhibition of asset markets overheating effectthan stimulate role of asset marker recovery.