中文摘要：

文章以不同的货币政策手段在资产价格波动的不同阶段所表现出的作用效果为出发点,通过SVAR模型,识别出不同货币政策工具的单独动态冲击,并分别分析了膨胀阶段和低迷阶段的资产价格对货币政策冲击响应的程度,以解决针对不同阶段资产价格波动的货币政策调控手段和时机的选择问题。结果表明,货币政策对资产价格的作用具有有效性,在价格膨胀阶段可在一定时期内采取利率手段对资产价格波动进行微调,当出现价格泡沫时控制货币供应量会收到即时效果;而在资产价格低迷阶段,以利率调节资产价格具有明显和相对持久的作用。

英文摘要：

The paper focuses on the effect of different monetary policy instruments in the different periods of asset prices fluctuation. Through the SVAR model, it identifies the structure shocks of different monetary policy instruments, and analyzes the responses of asset prices to different monetary policy instruments in the periods of inflation and downturn in order to give a answer of how monetary policy control the fluctuation of asset prices. The empirical results show that the monetary policies are effective. In the period of asset prices inflation, interest rate can be used, in which especially M1 plays an important role in controlling asset prices bubbles, and loan management is strengthened simultaneously. In the period of asset prices downturn, interest rate shock has a significant and permanent effect.