Positivist Analysis on Effect of Monetary Policy on Stock Price Behaviors

机译：货币政策对股票价格行为影响的实证分析

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In the light of concerned theories affecting stock price，this Article，adopting modern computing／econometric technique，studied the effect of macro-economic elements as exchange rate，savings reserve，interest rate and money supply to stock price based on monthly time series data from Jan．2005 to Jun．2007 of China．Since June 2005，stock prices in share market of this country has kept rising,thanking mainly to fast economic growth,RMB appreciation and adequate money supply．However,adding interest rate and increasing savings reserve rate has limited effect stock price change．

机译：针对影响股票价格的相关理论，本文采用现代计算／计量经济学技术，基于来自中国的月度时间序列数据，研究了汇率，储蓄准备金，利率和货币供应量等宏观经济因素对股票价格的影响。中国2005年1月至2007年6月。自2005年6月以来，该国股票市场的价格一直在上涨，这主要是由于经济的快速增长，人民币升值和充足的货币供应。然而，增加了利率并提高了储蓄准备金率对股价变动的影响有限。

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《2008 Conference on Regional Economy and Sustainable Development(2008区域经济与可持续发展国际学术会议)论文集》|2008年|679-687|共9页
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CHEN Shaoping;
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Monetary Policy; Stock Price; Vector Auto-regression; Coordinating Analysis; Granger Causality;

机译：货币政策;股价;向量自回归;协调分析;格兰杰因果关系;

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5. The relationships among monetary policy, stock prices and the exchange rate. [D] . Ivrendi, Mehmet. 2004

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机译：金融发展和货币政策的分配效应货币政策的分配后果是否取决于金融发展的程度？各国的最优货币政策应该不同吗？为了回答这些问题，我们开发了一个具有异构代理的货币增长生产模型。在我们的经济中，最优政策需要权衡两个群体的政策效应 - 资本所有者和持有流动资产的个人。虽然银行帮助限制通胀风险，但存在限制，因为资金减轻了私人信息的摩擦和有限的沟通。在这种环境下，我们比较两个经济体在各个方面都是相同的，除了它们的金融发展水平。在金融发展有限的国家，缺乏股票市场。另一方面，股票市场活跃。在任一经济体中，通胀都会对资本形成和产出产生不利影响持有流动资产的个人总是受到通货膨胀的不利影响，但资本所有者的态度取决于金融发展的水平。特别是，在股票市场存在的情况下，通货膨胀对资本所有者福利的影响是非单调的。尽管如此，在较高的金融发展水平下，最优货币政策总是更加保守。

Positivist Analysis on Effect of Monetary Policy on Stock Price Behaviors

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