中文摘要：

本文采用时间序列数据方法,利用1996年1月到2010年3月的中国样本分月度数据,对货币供应量、资产价格与物价指数之间的关系进行实证检验。在检验方法上,本文使用了单位根、协整和Granger因果检验。实证结果表明,流通中现金M0为平稳数据,狭义货币供应量M1、上证指数和CPI都是一阶单整变量。CPI和M1、上证指数和M1的Johanson检验均显著,说明狭义货币供应量M1与上证指数的增长、CPI的增长存在长期的均衡关系,这也与大多数学者的实证研究结果相一致。在货币供应量与资产价格的因果性关系方面,狭义货币供应量M1的增长与资产价格的关系甚为紧密,两者存在双向的因果关系。从货币供应量与物价指数的因果关系看,两者之间存在CPI到M1的单向因果关系,这与目前的大部分研究存在差异。

英文摘要：

This paper analyzes the relationship between money supply,asset prices and price index using the monthly data of China from January 1996 to March 2010.For test method,we use the unit root,co-integration and Granger causality test.The empirical results show that M0 data is smooth and M1、 CPI and Shanghai stock index are integrated of order one.CPI and M1,Shanghai stock index and M1 are all significant of Johanson test,indicating that long-term equilibrium relationship exists between M1 and the growth of the Shanghai stock index,M1 and CPI.In the money supply and asset prices causal relations,the relationship between M1 and asset prices is of a two-way causal relationship.In the money supply and the price index,the causal relationship between CPI to M1 is one-way.This conclusion is significantly different from most other researches.