摘要
使用非线性边限(NARDL)模型探索数量型和价格型货币政策工具对房地产市场的影响.结果显示无论数量型货币政策和还是价格型货币政策都会对房地产价格产生非对称性效应.对于数量型货币政策来说,紧缩的货币政策和宽松的货币政策都会显著影响房地产价格.相对而言紧缩的货币政策对房地产市场的影响效果更明显.对于价格型货币政策来说,利率变动对房地产价格的影响在长端呈现非对称特征,而在短期则无此效应.降低利率水平能够推动房地产价格的提升,而提高利率无法有效地约束房地产价格的上涨.
We use the NARDL Model to analysis how monetary policy affects the real estate market in China,the results show that both quantitative and price monetary policy tools have asymmetric effect on house prices.For the quantitative monetary policy,the tighten and loose monetary policy can influence the price of house price,however,compared with the loose monetary policy,the tighten money policy could play a more obvious effect on house price.For the price monetary policy,the influence of interest rate has the asymmetric effect in the long term,but there does not exist the asymmetric effect in the short term.Decreasing rate can promote the prosperity of the real estate market,raising the rate could not prevent the increasing of house price.
作者
杜萌
尹航
DU Meng;YIN Hang(School of Economics and Management,Dalian University,Dalian,Liaoning 116622,China;Dalian Central Sub-branch,The Central Bank of the Peoples Republic of China,Dalian,Liaoning 116000,China)
出处
《经济数学》
2019年第2期18-22,共5页
Journal of Quantitative Economics
基金
辽宁省博士科研启动基金资助项目(20170520393)
辽宁省经济社会发展研究课题资助项目(2019lslktqn-015)
