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文章运用HP滤波及季节调整等方法,对我国资本市场波动的特征及其与宏观经济波动的时差相关性进行了实证分析,从而有效地验证了我国资本市场对宏观经济的先行作用。
By using the methods of HP filter and season adjustment, the paper empirically analyzes the characteristics of capital market volatility in China and its correlation with the time difference of macroeconomic fluctuations, and thus validates the proactive role of China’s capital market in macroeconomic.