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1、股票市场传导货币政策的财富效应与Q效应分析200509总第317期商业研究COMMERCIALRESEARCH????щ??:1001-148X(2005)09-0020-03??????????????л????????????????Q????????吕艳(西安理工大学工商管理学院,陕西西安710048)????:目前,我国股票市场已成为货币政策传导的一条重要渠道b货币政策实施后,股票市场将产生财富效应从而影响消费支出,产生Q效应从而影响投资支出,进而影响总产出b但由于我国股票市场仍存在诸多问题,财富效应和Q效应均不显著,货币政策通过股票市场传导效率较低b为提高传导效率,应
2、逐步发展并完善我国的股票市场b??????:股票市场;货币政策;财富效应;Q效应??????????:F83091??????????:AAnAnalysisofWealthEffectandQEffectforTransmitingMonetaryPolicyinStockMarketLVYan(SchoolofBusinessandAdministration,XianUniversityofTechnology,Xian710048,China)Abstract:Atpresent,Chinasstockmarkethasbecomeanimportantchannelf
3、ortransmittingmonetarypolicy4>>.Withtheimplementationofmonetarypolicy,stockmarketmayproducewealtheffecttoinfluenceconsumptianexpenditureandQeffecttoinfluenceinvestmentexpenditure,whichwillinfluencethetotaloutputinturn>.However,bothwealtheffectandQeffectinChinasstockmarketarenotnotablebecause
4、therearemanyproblemsinthemarketsuchaslowefficiencyofstockmarkettotransmitmonetarypolicy>.Toimprovetheefficiency,thestockmarketofourcountryshouldbeimprovedandperfectedprogressively>.Keywords:stockmarket;monetarypolicy;wealtheffect;Qeffect20????90????????,??????????????????????????????????b???
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