On the Monetary Policy,Equity Asset Price and Economic Growth
基于BEKK和GARCH均值方程模型，研究中国股票市场、货币供应量与经济增长之间的波动相关性，发现央行可通过货币政策间接调控股市资产价格以影响经济增长。
Based on the BEKK model and the GARCH mean-value equation model,this paper empirically analyzes the volatility correlations among share market,money supply and economic growth,and examines the impact of various volatilities on economic growth.The results show that in terms of growth rate analysis,China's stock market has gradually become the economic barometer after more than ten years development.Meanwhile,in terms of volatility analysis,the central bank can control economic growth through its monetary policy and thus regulates asset price of stock market indirectly instead of intervening stock market directly.