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The strenuous fluctuation in global asset price in recent years has had a profound impact on the economic and social development of every country. An empirical analysis indicates that asset prices (the stock price index and real estate prices) are important endogenous variables affecting the interest rate reaction function of central bank monetary policy. With expected inflation as a given, each one percentage point rise in output gap will cause a 0.79 percentage point reduction in interest rates by the central bank and each one percentage point rise in real estate price will result in a 2.2 percentage point rise in interest rates. The stock price index does have an influence on the trends in monetary policy, but it is less salient than the impact of housing prices. We also show that monetary policy that employs asset price as an endogenous variable increases the central bank's control in seeking to attain its objectives. Therefore we suggest that the central bank should make asset price fluctuation an endogenous variable and incorporate it into its forward-looking interest rate rule, in order to facilitate the healthy development of China's markets for real estate, stocks and derivatives, energy and bulk commodities and maintain rapid, smooth, sustainable and harmonious economic development.

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ABS TRACT:The northern Tibet belongs to the Sub cold arid climate zone in the plateau. It is rarely visited by people. The geological w orking conditions are very poor. However, the stratum exposures are good and human interference is very small. Therefore, the research on the automatic classification and extraction of remote sensing geological information has typical significance and good application prospect. Based on the object-oriented classification in Northern Tibet, using the Worldview2 high-resolution remote sensing data, combined with the tectonic information and image enhancement, the lithological spectral features, shape features, spatial locations and topological relations of various geological information are excavated. By setting the threshold, based on the hierarchical classification, eight kinds of geological information were classified and extracted. Compared with the existing geological maps, the accuracy analysis shows that the overall accuracy reached 87.8561%, indicating that the classification-oriented method is effective and feasible for this study area and provides a new idea for the automatic extraction of remote sensing geological informat ion.