Liquidity, Asset Price Volatility, and Monetary Policy Choices: Empirical Evidence from China

Table 1

Descriptive statistics of the main variables.

Classifications	Variables	N	Mean	Median	Std. Dev.	Skewness	Kurtosis
Asset price volatility	SP	168	13.6198	0.4050	51.4067	1.9663	7.1568
	HP	168	7.7762	7.3788	5.7710	0.2483	3.0319
Liquidity	LC	168	0.3139	0.3068	0.0316	0.2692	1.7443
	LB	168	3.0598	3.1741	0.9495	0.4643	4.7869
	LM	168	−4.8247	0.6637	31.9942	−0.6278	3.0640
Monetary policy	M2	168	14.1606	13.3500	5.0737	1.1856	4.3151
	R	168	2.8398	2.7016	0.9422	0.7830	4.7956
Macroeconomy	GDP	168	11.6973	10.2100	5.8310	0.3130	3.1829
	CPI	168	2.7514	2.3600	1.9844	0.6028	3.8277