本文选取股票价格和房屋价格代表资产价格,分别同代表实体经济的消费、投资和GDP的增加额进行了协整检验和格兰杰因果关系检验,结果显示,股价和房价都与实体经济间有着长期均衡稳定的关系。但我国的股价波动还不是消费和GDP的增加额的格兰杰原因,房屋价格波动是实体经济各变量波动的格兰杰原因。 This paper chooses the stock price and the house price to represent the asset price, and carries on the cointegration test and the Granger causality test respectively with the increase of the consumption, investment and GDP of the representative real economy. The result shows that both the stock price and the real estate price have Long-term balanced and stable relationship. However, the fluctuation of stock price in our country is not the Granger cause of the increase of consumption and GDP. The fluctuation of housing price is the Granger reason for the volatility of variables in the real economy.