中文摘要：

用结构的向量 autoregression 模型，我们从宏观经济的变量估计钱的政策的当前的回答到同时期的震动。我们的调查结果显示人们中国的银行对通货膨胀和产量变化作出回应，但是没从 1997 年 1 月在时期期间反应到财产价格变化到 2010 年 3 月。对外长的震动的最佳的钱的回答也被检验。当在他们的安全地区把输出作为生长和通货膨胀时，使用财产价格提出钱的政策不帮助在降低产量生长和通货膨胀的轻快改进钱的权威的表演，这被揭示当在他们的安全地区把输出作为生长和通货膨胀时。在反应到外部震动的钱的政策和财政政策的有效性也被讨论。

英文摘要：

Using the structural vector autoregression model, we estimate the current responses of monetary policy to contemporaneous shocks from macroeconomic variables. Our findings indicate that the People＇s Bank of China responded to inflation and output changes, but did not react to asset price fluctuations during the period from January 1997 to March 2010. The optimal monetary responses to exogenous shocks are also examined It is revealed that using asset prices to formulate monetary policy would not help to improve monetary authorities ＇performance in lowering the volatilities of output growth and inflation while keeping output growth and inflation in their safety zones. The effectiveness of monetary policy and fiscal policy in reacting to external shocks is also discussed.