Abstract：This paper discussed the relationship between fluctuations of stock & real estate prices and business cycles with model deduction and empirical evidence. A unite model analysing their relationship was found.The findings reveal that stock prices are the lead indicator of macroeconomy; there exists positive relationship between real estate prices and GDP, interest rates & CPI; the fluctuations of real estate prices are consistent with business cycles; and the fluctuations of stock prices greatly lead that of real estate prices.
邓燊,杨朝军. 股 价 房 价 波 动 与 经 济 周 期 关 系[J]. 上海交通大学学报（自然版）, .
DENG Shen a,b,YANG Chao-jun b. The Relationship between Fluctuations of Stock & Real Estate Prices and Business Cycles. J. Shanghai Jiaotong Univ.(Sci.) , 2008, 42(11): 1797-1801.
