Analysis Of The Impact Of China's Monetary Policy On Asset Price Fluctuations Based On DSGE Model

In recent years, with the continuous development of macro economy and financial deepening, the price fluctuation of stock, foreign exchange, real estate and other asset prices, have gradually become the main new factors leading to macroeconomic fluctuations. For example, at the end of 1980 s and in the early 1990 s Japan's economic bubble, American subprime mortgage crisis, and the significant fluctuation on stock prices and real estate prices in China, have a significant impact on the macro economy.In China, with improvement of the complexity of the economic and the constant development of the continuous financial market, the use of monetary policy by the central bank to adjust the frequency of the economy has been increasing, the operation strength has been strengthened, the impact of monetary policy on the fluctuations of asset prices has gradually become a hot issue of research.First of all, this paper sorted out the relevant the research of this problem at home and abroad and the introduction of the DSGE model, so as to provide a reliable theoretical basis for the establishment of the model. Secondly,this paper constructs the dynamic stochastic general equilibrium(DSGE) model, which includes the family department, the manufacturer department and the monetary authority, and estimates this model by using China's data and Bayesian method. The purpose is to analyze the impact of monetary policy on asset price fluctuations.Finally,The following conclusions are obtained by the impulse response analysis and variance decomposition. For quantitative monetary policy, when the economy does not exist price stickiness, the money supply shocks can not affect the asset price and its fluctuations, and can not affect the real economy. When the price stickiness exists in the economy, In the short term, the money supply shocks can have a positive impact and a strong explanatory ability on asset price, but in the long term,the impact and explanatory ability on asset price,gradually decrease;For price monetary policy, the interest rate shocks can have a negative impact and a strong explanatory ability on asset price; The price monetary policy compared with the quantitative monetary policy, it can produce a greater impact and explanatory ability on asset price and its fluctuations.