货币政策对不同类型房地产市场发展的非对称影响实证分析

Empirical Analysis on the Asymmetric Effect of Monetary Policy for Real Estate Market Development of Different Type

货币政策对房地产市场发展具有非对称效应。基于供给、需求和价格三个视角,构建货币政策对不同类型房地产市场发展的非对称影响模型。运用VEC模型和脉冲响应函数实证分析,结果表明不同类型房地产市场对货币政策的响应存在显著的非对称性。因此对货币政策应实施差别策略,确保房地产市场稳健发展。

Monetary policy has asymmetric effects on the development of real estate market. This paper builds asymmetric effects model of monetary policy for real estate market development of different types from the perspective of supply, demand and price. Empirically analyzes the asymmetric effects using VEC model and impulse response function, the results show that real estate market of different types exist significant asymmetry in the response to monetary policy. Therefore should implement different strategies for monetary policy to ensure the stable development of the real estate market.