全流通背景下我国货币政策对股票市场影响的实证分析

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1、ABSTRACTIIlthispapef，mletoasigIli￡c锄tinversecyclicalcharacteristicofthemoneta巧policy，mee行．ccton也estockmarketre则ationagainstthemonetaryp01icyis删ysed疳ommedi丘．crem嬲pects，Whicharet、】l，oonesabomtbee饪．ectof也eregulationsofbo吐lthecyclicaleneFgyindus廿y弛dthenon-cyclicalmedicali

2、ndus仃yagaillstnleinVersecyclicalmoneta]呵policy'妇ingtodrawthegeneralrulesOfmeiIl_Versecyclicalmonetarypolicyregul撕ononthestockmarket．WbselectedsuchV撕abIesasratioofdeposits，intereStrate，exchangera把，broadmomysupplyM2，theSCI300energyIndex锄dtheSCI300medicalhldexam伽m丘DmJll重

3、y2007toFebnl暑呵2011．byn圮non_p娥曲e仃icWilcoXonsigncdrank觚t，Gmngertestjco一缸e鲫ionte瓯VARmodel，VECmodel，Variancedec锄position觚dimplllse托spo璐e劬c60如靴concludethat：(1)tllee珏＆tofregulationofthev蕊ablereseⅣera矗oofshort-termmoneta巧ing臼姗entsexists锄disofhugedifferences，which哦tllatmee船ct

4、ofnlccyclicalenetgyindug廿yregulationagaillstthemonetaUpolicyis6bViouS髓dthatthee丘bctofthenon_cyclicalmedicalindI啪rregulationagaillsttllemoneta：呵policyisnotobviouS．(2)nlereisasi嘶ficalltdi彘rencebctw，eentllestockmarketcyclicalindu鼬呵regmatorye行bct觚dtllestockmarkctnon—cycli

5、calilldl嘲rregulatorye矗-ectagai]骶tiIlversecyclicalmonetarypolicy，mec)，clicalindlls仃ytransmissionlagofm伽et{呵policyshoncr'usuallyaround9monnls，alesser涨晚、)Iritllomas诅bleorcons协mpmlor磷bition；cyclicalind岫，仃aIIlsmissionlagofthemone拓Irypolicylonger，abom18mon廿：lSorso，abigm鹕iIl

6、，stable锄dsus劬1alblemoviI培upor狐llibi血培．Keywords：CSI300Ene酾7Index；CSI300MedicalIndex；Wilcoxonsignedr锄咄test；G啪gerteSt；co·illtegrationtest；VARmodel；VECmodelⅣ目录目录第1章绪论⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯11．1论文的研究背景与意义⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯·l1．2文献综述⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯．．21．2．1国外文献综

7、述⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯·21．2．2国内文献综述⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯·41．3货币政策的传导机制⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯·71．3．1凯恩斯学派的货币政策传导机制理论⋯⋯⋯⋯⋯⋯⋯⋯⋯·71．3．2货币学派的货币政策传导机制理论⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯”71．3．3国际贸易渠道理论⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯·81．3．4合理预期理论⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯“81．4论文的主要内容⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯·91．5论文的创新点⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯

8、⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯“10第2章存款准备金率对能源、医药行业影响的实证分析⋯⋯⋯⋯⋯⋯⋯⋯⋯122．1样本数据的选取⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯·122．2样本数据指标的加工提取⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯·132．3检验方法