With constant deepening of moder nfinance，people pay more and more attention on the internal relation between infl ation and asset price. Through Granger causality test and VARmodel，this paper finds there is an inherent correlation between asset price and infl ation，and the positive impulse of asset price growthhas apositiveimpactoninfl ationlater；Also，we found the obvious positive effects of currency amount growth on stock and real estate，while the negative effects of interest rate on the real estate market is greater than that on stock market.Overall，monetary policy has large space in regulating asset price growth.