Research On The Monetary Demand Model Based On The Assets Selection Behavior Of Micro-agents And Its Application

In recent years,with the continuous development of China's economic system,the traditional money demand model is no longer applicable to measure China's money demand.The traditional money quantity theory is invalid in China.The excess money supply does not lead to the rapid rise of price index,and then causes inflation.In this context,it is important to re-measure the demand for money.At the same time,with the continuous expansion of the capital market and the rapid development of the virtual economy,the virtual economy is gradually separated from the real economy.When choosing assets,micro-subjects often take the virtual economy assets into consideration.Therefore,it is necessary to re-establish the monetary demand model which have considered the impact of virtual economy.The core of this dissertation is to establish the monetary demand model on the basis of the asset selection of micro subjects and explain its economic significance.Based on the established money demand model,the paper establishes the money market dynamic equilibrium model,validates the stability of the money market dynamic equilibrium point through mathematical derivation,and analyzes the dynamic impact of money supply shock based on the money market dynamic equilibrium model.This dissertation used the means of co-integration analysis and vector error correction model(VECM model)to verified the correctness and applicability of the money demand model.It is found that there is a long-term equilibrium relationship between money demand,total social wealth,stock expected return rate and interest rate spread,and real estate expected return rate and interest rate spread,and that total social wealth,stock expected return rate and interest rate spread will have an impact on money demand in the short term.Through the smooth transformation regression model,known as STR model,this dissertation analyzes the impact of money supply shock on the stock market and real estate market,and draws the following conclusions: the increase of money supply has a non-linear positive impact on stock price and real estate price,and the impact on stock price has a certain lag.Based on the above empirical results,this dissertation puts forward some relevant policy suggestions in order to provide some decision-making basis for the effective adjustment of monetary policy.