基于2003-2013年金融危机前后10年的数据，从黄金的三重属性出发，利用VEC模型的脉冲响应函数和方差分解方法，实证分析了黄金价格的影响因素。其分析结果表明：金融危机结束阶段对黄金价格的冲击效应要强于爆发阶段；长期而言，黄金价格与货币投放量呈反向联动关系，与消费者价格指数、股票指数呈正向联动关系，其中消费者价格指数对黄金价格的影响最大。
Based on the data collected from 2003 to 2013 before and after the financial crisis ,this paper uses em-pirical research to analyze the influencing factors of gold price from the view of three properties of gold with impulse response function and variance decomposition of VEC model .The results show that the price of gold is more signifi-cantly influenced by the end phase of the financial crisis than the eruption phase .In the long run,the price of gold shows a negative correlation with M 2,and a positive correlation with CPI and stock index .Among them,the price of gold is most influenced by CPI .
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