关键词: 通胀预期, 关注, 盯住, 非对称性

Abstract: Through the inclusion of inflation expectation, this paper empirically studied the different types, the different asymmetry and the rapid or gradual response of monetary policy to real estate prices and stock prices, and the results showed that: (1) The roles of inflation expectation in the different responses of monetary policy to real estate prices and stock prices were significantly different; (2) Monetary policy "concerned" house prices and "pegged to" the stock prices. In other words, monetary policy tolerated the rising of house prices to some degree, unless accompanied by the increase of inflation expectation, it would "indirectly" adjust to the house prices, but "directly" adjust the stock prices regardless of inflation expectation; (3) In the whole sample, monetary policy strengthened the inhibition to the rising of real estate prices as a gradual increase of inflation expectation, while it inhibited rising of the stock prices in the bull market but not in the bear market, and strengthened the inhibition as the rising of stock price; (4)The above two asymmetric reactions are gradual. At last, this paper studies the persistence of the reaction of monetary policy to asset price.

Key words: Inflation Expectation, Concern, Pegged to, Asymmetry