房地产价格与货币供求:经验事实和理论假说

Real Estate Prices and Monetary Supply and Demand: Empirical Events and Theory Hypothesis

资产价格波动会影响货币市场均衡,是对主流货币理论的一个巨大发展。但是,已有的研究大多集中于股票市场价格波动对货币市场均衡的影响。文章主要关注房地产价格波动对货币供求的影响问题。我们首先对房地产价格与货币供求的关系加以经验描述,在此基础上,建立考虑房地产价格的货币市场一般均衡模型,推出两条与传统理论截然不同的理论假说。然后基于此假说研究了两种外生冲击对货币市场均衡的影响,最后给出相应的结论和政策建议。

The fact that asset price fluctuation can affect the equilibrium of monetary market has driven the mainstream theory to take a big step. While current literatures mostly study the influence of stock prices on monetary market, this article mainly focuses on the influence of real estate prices and the monetary supply and demand. We set up a general equilibrium model to study the monetary market, which has taken the real estate prices into account. With this model, we propose two hypotheses different from the traditional theory and analyze the influence of two exogenous impacts on monetary market. Finally we give some relative advice.