CAJ | 학술논문

文章在VECM模型的基础上，运用脉冲响应方法分析了股票市场在低迷时期和膨胀时期对不同货币政策冲击响应的效果。结果表明：货币政策可以有效地调节资产价格，在资产价格低迷阶段，用利率调节具有相对持久和明显的作用，金融机构贷款也在推动股票价格上涨中起到了一定的作用；在资产价格膨胀阶段，利率可在一定时期内起到微调作用，控制货币供应量可对价格泡沫的控制起到即时效果。
문장재VECM모형적기출상，운용맥충향응방법분석료고표시장재저미시기화팽창시기대불동화폐정책충격향응적효과。결과표명：화폐정책가이유효지조절자산개격，재자산개격저미계단，용리솔조절구유상대지구화명현적작용，금융궤구대관야재추동고표개격상창중기도료일정적작용；재자산개격팽창계단，리솔가재일정시기내기도미조작용，공제화폐공응량가대개격포말적공제기도즉시효과。
Based on the VECM model, use of impulse response analysis method, this paper gives an analysis of the response of the stock market after the impact of different monetary policy in the periods of downturn and expansion respectively, to give an answer of how monetary policy control the fluctuation of asset prices in different stages. The results show that the monetary policy can adjust the asset prices effectively. In the period of asset prices downturn, interest rate adjustment has a relatively lasting and significant effect, loans from financial institutions also play an effective role in stock prices to a certain extent. In the period of asset prices expansion, interest rate plays a fine - tuning role in a certain period of time, and the control of money supply has an immediate effect in controlling price bubbles.