The Study On The Asset Pricetransmission Mechanism Of Chinese MonetaryPoliey

After the financial crisis, the role of asset price in the transmission mechanism of monetary policy is more and more important, so it is necessary to pay attention to the fluctuations of the asset price and study the asset price transmission mechanism of monetary policy. With the continuous development of the real estate market and the stock market, the role of the price of houses and shares in the transmission mechanism of monetary policy are more and more significant, so it is vital to study the price of houses and shares transmission mechanism of monetary policy.On the basis of the introduction of the basic theory of the transmission mechanism of monetary policy, the paper uses SVAR model to analyze the price of houses and shares transmission mechanism of monetary policy.The paper uses macro economic monthly data from January 2014 to January 2009 to study the price of houses transmission mechanism of monetary policy and the price of shares transmission mechanism of monetary policy respectively, at the same time the paper makes a comparison to the price of houses transmission mechanism of monetary policy and the price of shares transmission mechanism of monetary policy. The paper makes contrastive analysis in studing the asset price transmission mechanism of monetary policy before and after the financial crisis. Specifically, it is divided into two parts, namely the comparative study of the price of houses transmission mechanism of monetary policy before and after the crisis and the comparative study of the price of shares transmission mechanism of monetary policy before and after the crisis.Afer the comparative study of the price of houses transmission mechanism of monetary policy and the price of shares transmission mechanism of monetary policy, the comparative study of the price of houses transmission mechanism of monetary policy before and after the crisis, the comparative study of the price of shares transmission mechanism of monetary policy before and after the crisis, the paper comes to three conclusions. First, the price of houses transmission mechanism of monetary policy is more smooth than the price of shares transmission mechanism of monetary policy. Second, the ability of monetary policy to regulate the price houses after the financial crisis is not so obvious than the ability before the financial crisis, but the persistent effect is strengthened. The status of the real estate market in the transmission mechanism of monetary policy is improved after the crisis. Third, The interest rates and money supply have a greater impact on the stock price than before the financial crisis. The stock price has a greater impact on macro economy than before the financial crisis. At the same time the paper puts forward the following suggestions, improving the effectiveness of the price of shares transmission mechanism, strengthening the administrative measures to control the price of houses, paying attention to the impact of real estate market on the real economy when formulating monetary policy, controling the money supply effectively in order to keep the growth of the money supply in accordance with a reasonable level, focusing on the development of the real estate market and the fluctuations of the price of the houses when formulating monetary policy, raising interest rates and tightening the money supply at the early stage of the rise of the house pricethe rise of house price the rise of house price the rise of house price, strengthening the management of the inflow of foreign capital. The authorities should accelerate the interest rate marketization reform, making the stock price transmission mechanism of monetary policy more smooth. The authorities should give full play to the stock market wealth effect, and make the best use of the gains from the stock market to serve on the entity economy.