资产价格

资产价格泡沫与货币政策响应&基于Taylor规则的分析

Asset Price Bubbles and Monetary Policy Response & Taylor 's rule-based analysis

利用E-VIEW软件中的VAR工具箱，对中国的资产价格与货币政策关系VAR计量分析。

We also make quantitative analysis of the relationship between asset price and monetary policy with the help of VAR toolbox in E-VIEW .

本文提出了一种新的风险度量方法：双侧部分矩（BilateralPartialMoment，BPM）。不同于方差度量风险的方法&它在摒弃人们所不希望的资产价格下跌的同时摒弃了价格上涨的情形；

This dissertation develops a new risk measure : Bilateral Partial Moment ( BPM ) .

风险值（VaR）与压力测试都是衡量金融资产价格波动风险的重要工具。

Both Value-at-Risk and stress testing loss are important measures for the financial market risk .

也就是说，经济学家开始寻找资产价格在：Taylor规则中的作用。

In other words , economists have attempted to seek the role of assets in Taylor rule .

一个名为“冰山研究”（IcebergResearch）的组织曾声称，来宝集团虚报资产价格，并在从交易中回笼现金很久之前就将其盈利入账。

A group called Iceberg Research has claimed Noble inflated asset values , and booked profits on deals long before receiving any cash from the transactions .

金融资产价格的波动率的测度具有重要意义，实际波动率（RealizedVolatility）概念是近些年提出的用于测度市场波动率的新概念，在诸多方面具有优势。

The volatility measure of asset return is very important . The concept of realized volatility is proposed in the recent literature and has great advantage .

这种所谓的“定量宽松货币政策”（quantitativeeasing）是央行用来对抗通货紧缩的一项策略，即增长下滑和资产价格下跌的可怕结合。

This so-called " quantitative easing " is a strategy central banks use to fight deflation , the dreaded combination of declining growth and falling asset prices .

经济依然很冷，冷到美联储（usfederalreserve）及其他央行依然在推行支撑资产价格的举措，然而又没有冰冻到再次崩溃爆发危机的地步。

Chilly enough for the US Federal Reserve and other central banks to continue with measures to support asset prices ; but not so freezing that the economy lapses into crisis again .

此外，人们会预期，美国净债务水平较去年底约占gdp22%的水平上升，将迫使资产价格大幅变动。

Moreover , one would expect a rise in net liabilities from about 22 per cent of GDP at the end of last year to force substantial changes in asset prices .

打个比方，如果信贷、资产价格和GDP都高于远期平均增长值，那么监管者就必须进行干预，或者对其不作为作出解释。

If credit , asset prices and GDP were all growing above their long-run average rates , say , the regulator would be forced to step in or explain why it is not doing so .

FDI会通过改变国内的信贷约束和资产价格影响企业的投资和生产决策以及家庭的消费和储蓄行为，并通过金融加速器效应，引起经济的大幅波动。

FDI changes credit constraint and asset prices which affect the domestic investment and production decisions , as well as household consumption and savings behavior and further cause economic volatility through the financial accelerator effect .

如果通胀预期和风险资产价格继续下行，才有可能实施某种形式的qe3。

If inflation expectations , and risky asset prices , keep sliding , then some form of qe3 becomes possible .

首先，BGG模型中在对资产价格定价时，使用的是现金流贴现法。

First , in the BGG model , discounted-cash-flow method is used to price assets .

经典的B-S模型成立的一个重要前提是假设期权标的资产价格的波动率相对于执行价格来说是不变的。

An important premise of the original B-S model is that the volatility of underlying asset price is constant relative to the exercise price .

模型得出，资产价格波动性和交易量正相关，交易量将影响价格变化方差，条件方差的演化类似于传统GARCH模型。

The mode implied that it is positive correlation between asset price volatility and transaction volume , which affects price variance , conditional variance evolves just like traditional GARCH mode .

大量的金融实践已经充分表明，Black-Scholes模型关于标的资产价格变动规律的假设与实际存在严重的偏差。

A mass of finance practice has indicated that there is a serious warp between the hypothesis of Black-Scholes model about the underlying asset price and the realistic markets .

根据Markowitz（1959）等理论可推导出：资产价格的总风险包括收益的方差和全久期向量两部分；

Following Markowitz ( 1959 ), it can be deduced that the total risks of asset price consist of the variance of return and the total duration vector ;

1987年卢浮宫协议（louvreagreement）后，为了避免日元进一步升值，他们采取了宽松的货币和金融政策，导致了巨大的资产价格泡沫和信贷扩张，为随后的经济低迷埋下了隐患。

In order to avoid further yen appreciation after the 1987 Louvre agreement , they followed easy monetary and financial policies that gave rise to huge asset price bubbles and expansions in credit that set the stage for the subsequent downturn .

研究了不对称PBF合同对资产价格的影响研究，发现合同不对称的程度越大，资产的价格越高。

We study the effect of asymmetric PBF on asset price , and show that the larger the degree of asymmetric is , the higher the asset price becomes .

可见，资产价格对通货膨胀的变化起着重要作用，而且目前的CPI指标体系不能很好的表征通胀的变化，因此我们需要探索更加合理、完善的价格衡量指标。

The asset prices play an important role on inflation and the current CPI system is not well characterized the inflation changes . Therefore , we need to explore the more rational and comprehensive indicator for measuring prices .

信贷额变化和基准利率变化不仅通过货币量变化发生作用，更通过政策预期渠道作用于资产价格和CPI，影响方式更加直接。

The credit policy and the interest rate policy play their roles not only by changing money aggregate , but also through policy expectation channel . They influence asset prices and the CPI in a more direct way than money aggregate .

但是越来越多的异常波动现象在证券市场上不断出现，而且资产价格在无信息时也会产生异常波动，这就使得EMH中以外界信息冲击来解释资产价格波动的理论显得不够充分。

But with a growing number of unusual volatilities emerging in Securities market , and asset prices in the absence of information also have unusual volatility , making EMH insufficient to explain the theory of asset price volatility .

投资者情绪是否会影响金融资产价格呢？自Delong等（1990）首次提出投资者情绪这一概念以来，学术界掀起了一股研究投资者情绪理论的高潮。

Does investor sentiment affect financial asset prices ? Since Delong ( 1990 ) first proposed the concept of investor sentiment , academia has set off a surge of research climax of the investor sentiment theory .

标的资产价格服从跳&扩散过程的具有随机寿命的未定权益定价

Stochastic life contingent claim with the underlying asset obeying jump-diffusion process

中国资产价格与货币政策反应函数模拟

Simulation on Asset Prices and Monetary Policy Reaction Function of China

资产价格飙升，借贷增加，并且资本流入增长。

Asset prices soar , borrowing increases and the capital inflow grows .

中国资产价格财富效应的比较与检验

The Comparison and Test on Wealth Effects of Asset Prices in China

资产价格波动对宏观经济影响的程度日益增加，同时，资产价格的过度波动对以实物价格稳定为目标的货币政策提出了挑战。

Assets price fluctuation has an increasingly effect on macroeconomic .

资产价格在货币政策传导中的作用

Role of Asset Prices on the Transmission of Monetary Policy