股票价格波动对货币政策的影响-西方经济学专业论文.docxVIP

II II Abstract The paper analyzes the impact of stock price’s volatility to monetary policy. The view is that the central bank should consider the volatility of stock price, and interfere in the stock market when necessary. The paper introduces backgrounds and why this topic was chosen. The paper analyzes the impact of stock price’s volatility to consumption, investment, output and inflation. Data shows that the volatility of stock price has influenced the consumption, investment and output. This paper examines situations in U.S., U.K., France, Germany, Canada, Australia, Japan, Korea, Brazil, Russia, India, China South Africa during the period of 2003-2008, finding that countries that have more volatile stock market have more volatile economy. The paper analyzes how the central bank responds to the volatility of stock price. When the stock price is unreasonably high, central bank used deposit reserve policy and deposit and loan fund rate policy to cool the stock market. When the stock price is unreasonably low, central bank used deposit reserve policy and deposit and loan fund rate policy to increase the stock price. Money supply is also an evidence to prove that monetary policy did consider the volatility of stock price. The paper discussed the characteristics of Chinese monetary policy. And the stock market of China is not very efficient. It is needed to be taken care by the central bank. Through econometric analysis, the paper found that nominal interest is related to the stock price volatility. This proves that central bank did consider the volatility of stock price. Finally, conclusion is made and some advices are given. As for the stock market, it needs much more development. As for the monetary policy, central bank should improve its efficiency and make monetary policy carefully. KEY WORDS: Monetary Policy; Volatility of Stock Price; Interest Rate Rules III III 目录 摘 要 I HYPERLINK \l _bookmark0 Abstract II HYPERLINK \l _bookmark1 第一章 导论1 HYPERLINK \l _bo