一、货币政策的资产价格传导机制本文选取金融资产中的股票和实物资产中的房地产作为研究对象,考察股票价格、房地产价格与货币政策变量的相互关系。原因如下:第一,房地产和股票的供给弹性小、投机性较强,易在短期内剧烈波动甚至形成泡沫。第二,从资产结构看,这两种资产的规模大、涉及面广,其波动易对金融市场和实体经济产生冲 First, the monetary policy of asset price transmission mechanism This article selects the financial assets of real estate in stocks and physical assets as the research object, examines the stock prices, real estate prices and the relationship between monetary policy variables. The reasons are as follows: First, real estate and stock supply elasticity is small, speculative strong, easy to fluctuate in the short term or even the formation of a bubble. Second, judging from the asset structure, the two types of assets are large in scale and involve a wide range of fluctuations, and their volatility is easily inflicted on the financial markets and the real economy