Full-Text Search:
Home|Journal Papers|About CNKI|User Service|FAQ|Contact Us|中文
《Economic Research Journal》 2002-03
Add to Favorite Get Latest Update

Monetary Policy and Financial Assets Price

Yi Gang & Wang Zhao (The People's Bank of China;Peking University)  
(1)Monetary policy has influence upon financial assets price,especially upon stock price.When the expansion of investment causes raw material and labor price increasing,the long-term outcome of expansionary monetary policy is that both commodity price and stock price increase.When the investment is characterized by scale effects and makes labor productivity increase notably,the long-term outcome of expansionary monetary policy is that the stock price increases while the commodity price decreases.Thus whether inflation happens is determined not only by the commodity and service price,but also by the stock price.(2)No matter how much the wealth effect of the stock market is,stimulating stock market by expansionary monetary policy in order to magnify aggregate demand is dangerous in the long run.we also find when the stock price deviates from its equilibrium farther and farther,the economic boom is vulnerable.
【CateGory Index】: F830.91;F820
Download(CAJ format) Download(PDF format)
CAJViewer7.0 supports all the CNKI file formats; AdobeReader only supports the PDF format.
【References】
Chinese Journal Full-text Database 10 Hits
1 by Wu Zhiwen;Currency Deflation, Asset Expansion and Monetary Policy[J];Management World;2003-11
2 CUI Chang(Institute for Advanced Research,Shanghai University of Financeand Economics,Shanghai 200433,China);Test of the Dynamic Effect of Monetary Policy Instruments on the Asset Prices in Different Stages[J];Journal of Finance and Economics;2007-07
3 WU De-jin~1,LI Guo-zhu~2(1.Fujian Academy of Social Science, Fuzhou, Fujian, 350001;2.Southwestern University of Finance and Economics, Chengdu, Sichuan, 610047);On Monetary Policy Based on Monetary Assets Prices[J];Commercial Research;2004-23
4 Jia Jian,Li Haiping and Xu Zhanfeng (Nanchang Central Sub-branch of PBC, Nanchang, 330008 China);Fluctuation of Asset Price and Adjustment of Monetary Policy[J];South China Finance;2008-05
5 WANG Bang yi,ZHONG Ru jun (School of Economics and Management,Tsinghua University,Beijing 100084,China);An ECM Model on the Relationship between Money Supply and Stock Market of China[J];The Theory and Practice of Finance and Economics;2005-01
6 LI Yu-lin,ZHANG Cheng-hu,WU Ming(School of Economics and Finance,Xi'an Jiaotong University,Xi'an 710061,China);Theoretical Analysis and Empirical Study on Characteristics of Response to Interest Rate in China's Security Markets[J];Journal of Northeastern University(Social Science);2009-01
7 DUAN Jin1,ZENG Ling-hua1,ZHU Jing-ping2(1.College of Finance Hunan University,Changsha Hunan 410079,China;2.Hunan Finacial and Economics College,Changsha,Hunan 410205,China);The Study of the Strategy of the Monetary Policy towards the Stock Price Volatility[J];The Theory and Practice of Finance and Economics;2007-02
8 FAN Ai- guo (Southwest University of Finance and Economy,Chengdu 610074);On Effectiveness of Monetary policy[J];Journal of Chongqing Polytechnic College;2004-02
9 LU Jiang-lin&ZHU Huai-zhen(Finance School of Jiangxi University of Economics&Finance, Nanchang 330013, China);The Positivist Research of Stock Market's influence to Monetary Policy[J];Contemporary Finance & Economics;2004-11
10 WANG Weian HE Cong (College of Economics, Zhejiang University, Zhejiang 310027, China);Real Estate Prices and Monetary Supply and Demand: Empirical Events and Theory Hypothesis[J];The Study of Finance and Economics;2005-05
China Proceedings of conference Full-text Database 2 Hits
1 WANG Wei-an HE Cong (College of Economics,Zhejiang University,Zhejiang 310027,China);Real Estate Prices and Monetary Supply and Demand:Empirical Events and Theory Hypothesis[A];[C];2005
2 Zheng Jianming;The Newest Development in the Exchange Rate System and the Asset Price Effect of the Fluctuation of Exchange Rate——Thoughts on the macro control under the pressure of RMB appreciation[A];[C];2004
【Citations】
Chinese Journal Full-text Database 2 Hits
1 Gou Wenjun;Development of Capital Markest and New Challenges for Moneytary Policy[J];JOURNAL OF FINANCE;2000-05
2 Qu Qiang;Asset Prices and Monetary Policy[J];Economic Research Journal;2001-07
【Co-citations】
Chinese Journal Full-text Database 10 Hits
1 by Wu Zhiwen;Currency Deflation, Asset Expansion and Monetary Policy[J];Management World;2003-11
2 CUI Chang(Institute for Advanced Research,Shanghai University of Financeand Economics,Shanghai 200433,China);Test of the Dynamic Effect of Monetary Policy Instruments on the Asset Prices in Different Stages[J];Journal of Finance and Economics;2007-07
3 XIAO Liu-yi (The International Business College of Shanxi Normal University,Xi'an 710062,China);Analysis of Wealth Effect of Chinese Stock Market[J];Journal of Gansu Education College(Social Sciences);2003-02
4 Jia Jian,Li Haiping and Xu Zhanfeng (Nanchang Central Sub-branch of PBC, Nanchang, 330008 China);Fluctuation of Asset Price and Adjustment of Monetary Policy[J];South China Finance;2008-05
5 Deng Jianping Zeng Yong (University of Electronics Science and Technology of China, Chengdu, China);The Characteristics of Renaming Stocks in Limited Companies and the Conceptual Speculation in Stock Market[J];Chinese Journal of Management;2005-04
6 LIU Xiang bin, LI Yong min,LI Jian min,ZHOU Guo li (Institute of Applied Mathematics,GUT,Guiyang 550003,China);The Basic Qualitative and Quantitative Analysis of Investment and Consumption[J];Journal of Guizhou University of Technology(Natural Science Edition);2002-02
7 YUAN Xiu-hua~1,YUAN Xiu-ming~2(1.School of Business and Law,Guangxi Normal University,Guilin 541001,China;2.Graduate School,Chinese Academy of Social Sciences,Beijing 100102,China);Reflections on Inflation and Burst of Bubbles in American Stock Markets Since 1990s[J];Journal of Guangxi Normal University(Philosophy and Social Sciences Edition);2006-01
8 Liu Zhaobo;The Study on Present Farmers' Comsumption Behavior[J];Finance & Economics;2006-02
9 WAN Shui-lin , ZHANG Yao-hui (Business College, Shantou University, 515063, China);China's Capital Market Foam and Credit Construction[J];Commercial Research;2003-20
10 By Xiong-Lu & Hao-Lianfeng;Endogenousness and Exogenousness of Chinese Stock Market[J];Finance and Economics;2003-06
China Proceedings of conference Full-text Database 3 Hits
1 WANG Wei-an HE Cong (College of Economics,Zhejiang University,Zhejiang 310027,China);Real Estate Prices and Monetary Supply and Demand:Empirical Events and Theory Hypothesis[A];[C];2005
2 Kü Jianglin (School of Finance,Jiangxi University of Finance and Economics);Should China's Monetary Policy Respond to the Change of Stock Price?[A];[C];2005
3 ;How Resident Assets Affect Consumption In China Urban:Theory and Evaluating[A];[C];2008
【Secondary References】
Chinese Journal Full-text Database 10 Hits
1 SHU Sheng(Zhaoqing Radio and TV University,Zhaoqing,Guangdong,China,526060);A Study of Stock Market Running Counter to the Macro-economy[J];Journal of Guangdong Radio & Television University;2007-04
2 Liu Xuyou~(1,2) Zhang Long~1 Guo Bei~2 (1.School of Economics and Management,Northwest University,Xi'an,Shannxi 710069; 2.Party School of the Guizhou Commitee of C.P.C,Guiyang,Guizhou 550028);Innovation of Stock Market Macro-Control Mechanism[J];Reformation & Strategy;2008-04
3 by Wu Zhiwen;Currency Deflation, Asset Expansion and Monetary Policy[J];Management World;2003-11
4 Yu Yuanquan (Chongqing Jiaotong University, Chongqing 400074);Comparison of the Impacts of Stock Price and House Price on Consumption in China[J];Reformation & Strategy;2008-09
5 QIN Zi-hua (College of Economics and Management,Gansu Lianhe University,Lanzhou 730000,China);An Empirical Study in Relationship between Real Estate Market and Quantity of Money[J];Journal of Gansu Lianhe University(Social Science Edition);2006-03
6 Jia Jian,Li Haiping and Xu Zhanfeng (Nanchang Central Sub-branch of PBC, Nanchang, 330008 China);Fluctuation of Asset Price and Adjustment of Monetary Policy[J];South China Finance;2008-05
7 ZHOU Jian-jun,JU Fang(Hunan University,Changsha 410205);Research of the Real Estate Bubbles: A Dichotomy Structure Analysis Framework Based on Real Economy and Fictitious Economy[J];Contemporary Finance & Economics;2008-05
8 Hu Zhi, Qiu Nian-kun(School of Economics and Finance, Xi'an Jiaotong University, Xi'an 710049, China);An Empirical Study of the Cause of China's Excess Money[J];Contemporary Finance & Economics;2005-07
9 WEI Wei(Shanghai University of Finance & Economics,Shanghai 200433);Dynamic Identification of Monetary Policy Shock on Real Estate Market[J];Contemporary Finance & Economics;2008-08
10 WANG Bang yi,ZHONG Ru jun (School of Economics and Management,Tsinghua University,Beijing 100084,China);An ECM Model on the Relationship between Money Supply and Stock Market of China[J];The Theory and Practice of Finance and Economics;2005-01
China Proceedings of conference Full-text Database 1 Hits
1 Kü Jianglin (School of Finance,Jiangxi University of Finance and Economics);Should China's Monetary Policy Respond to the Change of Stock Price?[A];[C];2005
©2006 Tsinghua Tongfang Knowledge Network Technology Co., Ltd.(Beijing)(TTKN) All rights reserved