货币政策对房地产市场的传导效应研究

Study on Conductive Effect of Monetary Policy to Real Estate Market

选取能反映房地产行业特征的相关数据,构建房地产增长率指数,并采用脉冲响应函数分析货币政策对房地产市场的传导效应。结果表明:货币供给量对房地产市场产生了较长期的影响,而利率影响的持效期较短。从货币政策和房地产行业的运行轨迹来看,宽松信贷配合低利率的货币政策对房地产市场发展的作用效果明显,而房地产市场的发展也成为特殊时期带动我国经济增长的重要引擎。

Some relative data has been selected to build the growth rate index of real estate, and pulse response function is used to analyze the conductive effect of monetary policy to real estate market. As a resuit, the amount of money supply has＇ a long-term influence on real estate market, while interest rate has a short-term influence. Regarding the monetary policy and the tendency of real estate market, a loose credit loan and low interest rate will play an effective role in the development of real estate market, and the development will promote China＇s economic development in the special period.