中文摘要：

将股票价格作为内生变量嵌入DSGE模型,比较不同货币政策规则（不对股票价格波动做出反应、对股价做出反应及对股票收益率做出反应）进行模拟对比,科学回答了我国股票市场是否存在长期财富效应及货币政策应如何应对以维持宏观价格稳定和资本市场价格稳定。模型模拟结果显示我国股票市场长期存在财富效应,货币政策应同时关注宏观经济稳定和金融稳定。对股价收益率做出反应的货币政策规则调控效果最好,我国货币当局今后操作应密切关注股票市场收益率变化,制造宏观市场稳定与金融市场稳定的双赢局面。

英文摘要：

The paper make innovation of the stock price as an endogenous variable embedded DSGE model and to compare different monetary policy rules （not to respond to fluctuations in stock prices, stock prices react and react on stock returns）, the results show that there is existence of long-term stock market wealth effect in China, monetary policy should also focus on macroeconomic stability and financial stability. Stock yields react to monetary policy rules to regulate the best. The future operation of the monetary authorities should pay close attention to the stock market yield changes in order to make the macro-market manufacturing market stability and financial stability win-win situation.