美联储货币政策与房地产泡沫关系实证分析

An Empirical Study on Relationship between Monetary Policy of American Federal Reserve Committee and Real Estate Bubble

针对不少人关心未来是否会出现高通胀以及资产价格膨胀是否会带来更大的金融风险的问题,通过利用PAVLOV和WACHTER建立的模型,研究美联储货币政策与美国房地产价格泡沫之间的关系,从理论上对其作出阐述,并在实证上给出验证。结果表明,货币供给量和利率是影响房地产投资的主要原因,因此,可以通过实施适宜的货币政策对房地产市场进行宏观调控。

Recently,asset price has fluctuated more often than before,which has an obvious impact on the stability of finance and economy.Worry arose out of subprime mortgage crisis was asset price inflation.The relationship between monetary policy of Federal Reserve and real estate price bubble was investigated and analyzed by using the model built by Pavlov and Wachter.It was theoretically explained and an empirical study was completed.The results showed that money supply and interest rates was the main reason affecting the real estate investment.Therefore macroeconomic regulation in the real estate market could be performed by appropriate monetary policy implement.