中文摘要：

本文利用小波变换频带分析方法，在1991年1月至2007年12月的样本区间研究通货膨胀和证券市场周期波动关联性和条件波动溢出效应。时差相关关系显示，二者周期波动关系出现非一致性，即短周期波动相关性不稳定，中周期波动反向共变．长周期波动高度负相关且通货膨胀先行．并对证券市场的影响具有长期记忆性。条件波动溢出效应检验结果表明．中周期通货膨胀与证券市场条件波动具有双向溢出效应但溢出强度不同．通货膨胀条件波动对证券市场条件波动冲击效应相对较强．而长周期波动只存在通货膨胀对证券市场的单向溢出效应。小波变换频带分析结论．对宏观经济和证券市场稳定发展提供了有针对性的政策启迪。

英文摘要：

The paper uses the frequency band approach of wavelet transform, and the 204 month data of 1991-01 to 2007-12, to study the cycle fluctuation relationship and the conditional fluctuation spillover effect of inflation and stock market. The time difference points out that the relationship of the cycle fluctuation is not of coherence of both, and that the short cycle fluctuation keeps unstable, the medium cycle fluctuation keeps the relationship of the co-variation, and the long cycle fluctuation is obviously negative and inflation is ahead of stock market especially the effect of inflation on stock market having long-run remembering character. The test of conditional fluctuation spillover shows that medium conditional fluctuation of both has both direction spillover but the intensity of both direction is not the same, namely, the impulsion spillover of inflation is stronger, and that there is one direction spillover of inflation on stock market in the long run, which is consistent with the results of the time difference analysis. The results of the empirical study throw enlightenment on the policies of the stock market and economic growth.