房地产价格与货币供应量的波动溢出效应

The Volatility Spillover Effect between China's Real Estate Prices and Money Supply

基于VAR模型和GARCH模型对中国房地产价格与货币供应量的波动溢出效应进行实证研究,发现货币供应量与房地产价格之间不存在显著的动态相关性,也不存在明显的波动溢出效应,中央银行没有必要用货币政策去直接调控房地产价格。

Based on VAR model and GARCH model, this paper empirically studies volatility spillover effect between China＇s real estate pdc^s and money supply, and finds out that there is no significant dynamical correlation and volatility spillover effect between China＇s real estate prices index and money supply,so it is not necessary for the central bank to use monetary policy directly to regulate and control real estate prices.