房地产市场与货币政策传导机制被引量：39

Real Estate Market and the Transmission of Monetary Policy

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摘要本文在理论分析的基础上,建立施加两种约束的SVAR模型来实证分析房地产市场在货币政策传导机制中的作用。实证结果不仅表明房地产市场已经成为我国货币政策传导的重要渠道,证实了宽松的货币政策是房价短期高涨的最主要原因;而且指出:房价的过快上涨对我国的消费和非房地产投资存在明显的挤出效应。 Based on a theoretical analysis,this paper applies a SVAR model to study the role of the real estate market in the transmission of monetary policy,and we impose both short-run and long-run restrictions.Our results not only confirm that real estate market has become an important way for the transmission of monetary policy,and loose monetary policy is the primary contributor to housing price inflation in a short term,but also uncover a crowding-out effect of housing prices both on consumption and investment in other sectors.

作者武康平胡谍

机构地区清华大学经济管理学院

出处《中国软科学》 CSSCI 北大核心 2010年第11期32-43,共12页 China Soft Science

关键词货币政策传导机制房地产市场挤出效应结构向量自回归模型长期约束和短期约束 the transmission of monetary policy real estate market crowding-out effect SVAR model short-run and long-run restrictions

分类号 F822.0 [经济管理—财政学]

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参考文献13

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