【摘 要】
:
In recent years, the relations between the monetary policy and the asset prices have captured many economists attention.On the basis of the study on dynamic correlations among interest rate, housing p
【机 构】
:
Management school, Hunan University
【出 处】
:
IMS-China International Conference on Statistics and Probabi
论文部分内容阅读
In recent years, the relations between the monetary policy and the asset prices have captured many economists attention.On the basis of the study on dynamic correlations among interest rate, housing prices and stock prices and, the paper analysis the impulse effect of the monetary policy on asset prices in China.The conclusion is for the international mainstream views, of which support that it is inflation that should be the major tocus of monetary policy.Our study examines the relationships among the house price, stock price and interest rate in China using quarterly for 1999-2006.According to the test results of the simultaneous equations model and the VAR model, some conclusions can be drawn as follows:1The role of the interest rate in adjusting the house price and stock price.The results of the simultaneous equations model implied that the interest rate had sig nificant negative impact on the house price and positive impact on the stock price, while the results of the impuls response function and the variance decompositions suggested that the lagged interest rate had the same impact on these two asset prices.Compared with the interest rate, the inflation has a greater impact on the house price and the stock price, and also the impact of the inflation on the interest rate was great but the impact of the house price and the stock price was small.We can conclude that Chinas monetary policy does not respond to the asset prices oth erwise the transmission of monetary policy was seriously lagging and did not bring out the desired results.From the impact of inflation on the interest rate, we can see that the monetary policy mainly respond to the inflation.
其他文献
Inequality constrained statistical problems have been extensively studied and widely applied.Here we review the main results and report the progress in our recent research and show how these results c
It is commonly believed that the effect of ignoring covariance structure is mainly on the lost of efficiency.In this talk, I will use some numerical outcomes and examples to illustrate potential conce
Almost all of the current nonparametric regression methods such as smoothing splines, generalized additive models and varying coefficients models assume a linear relationship when nonparametric functi
The paper proposes a new approach for checking the adequacy of GARCH-type models in time series.The resulted tests involve weight functions, which provides us with the flexibility in choosing scores t
Due to the many possible combinations of symptoms, schizophrenia is clinically thought not to be a homogeneous disease, so that this possible heterogeneity might be explained neurobiologically.The ult
The distributions of the run occurrences for a sequence of independent and identi cally distributed (i.i.d.) experiments are usually obtained by combinatorial methods and the resulting formulae are of
Oligonucleotide arrays such as Affymetrix GeneChips use multiple probes, or a probe set, to measure the abundance of mRNA of every gene of interest.Some anal ysis methods attempt to summarize the mult
One drawback for sufficient mean dimension reduction is that its reduced variable is still a linear combination of all original variables, which may be difficult to inter pret.In this talk, we combine
In this paper, a general decreasing function is introduced to reflect the attenuation speed of the impact of one firms default on its partner.In this model, if two firms are competitors (copartners),
We study the point estimation and confidence intervals of the treatment efficacy parameter and related secondary parameters in a two-stage adaptive trial.Based on the minimal sufficient statistics, se