CAJ | 학술논문

　　在较全面地梳理了历年来关于资产价格波动与货币政策反应有关文献的基础上，运用泰勒规则对中国货币政策对股价波动的反应进行了协整检验，检验发现中国的货币政策有关注股价的波动，并且这一关注已有原来的适应性态度变得更加积极。
　　재교전면지소리료력년래관우자산개격파동여화폐정책반응유관문헌적기출상，운용태륵규칙대중국화폐정책대고개파동적반응진행료협정검험，검험발현중국적화폐정책유관주고개적파동，병차저일관주이유원래적괄응성태도변득경가적겁。
This paper reviews the relevant literatures on the asset price volatility and the reaction of monetary policy . Then the Taylor rule is used to make a cointegration test on the reaction of China ’ s monetary policy to its stock price volatility .It is found that China ’ s monetary policy has concerned the volatility of the stock price .Unlike the adaptive attitude before , this concern has been more active .