房地产价格对货币政策动态响应的区域异质性——基于省际面板数据的实证分析

Heterogeneity in the Response of Regional Housing Markets to Monetary Policies:Analysis on the Provincial Panel Data

房地产市场是典型的区域性市场。文章通过建立PVAR(面板向量自回归)模型,使用脉冲响应函数分析方法,测度各种货币政策工具对中国东、中、西部地区房地产市场价格动态影响的异同。实证结果表明:东、西部地区房地产价格受数量型工具冲击后向稳态收敛的速度慢于中部;数量型工具对西部地区房地产价格的累积效应最为显著,价格型工具对东部地区房地产价格的累积效应最大;东、中部地区房地产市场上主导型货币政策工具为M0,西部地区则以信贷为主导型政策工具。

Real estate market is a typical regional market.The paper establishes a PVAR(Panel Vector Auto-regression) model,and applies the impulse-response method to measure the dynamic effects of monetary policy tools on eastern,central and western real estate markets.The empirical results are as follows: first,after the shock of quantitative tool,the convergent speeds of real estate prices in eastern and western areas are slower than the one in central areas;second,among eastern,western and central areas,quantitati...