MONETARY AND FISCAL POLICIES AND STOCK PRICES
使用加拿大数据，通过双变量和多变量自回归模型，检验货币与财政政策同股票价格之间的因果关系，以解决以往研究结果矛盾的问题。
Investigations into business cycles have found money supply to be a lead variable to stock prices. However, some would argue that the stock market, being efficient, anticipates money supply changes and therefore, stock prices are lead variables to money supply changes. Recent developments in time series methods have facilitated the testing of these relationships through identifying bivariate and multivariate autoregressive models. However, in many cases, the results using different procedures contradict themselves and are in conflict with theoretical reasonings. In this paper the causal relationship is tested between fiscal and monetary policies and stock prices using Canadian data and bivariate andmultivariate autoregressive models.