双重属性视角下货币政策对房地产价格的动态影响

Dynamic Impacts of Monetary Policy on Real Estate Price From Perspective of Dual Attributes

文章基于双重属性的视角,重点分析了不同属性特征下货币政策对房地产价格的影响机制以及属性变动过程中影响效果的动态变化,并运用TVP-SV-VAR实证检验了我国货币政策对房地产价格的动态影响。结果表明,当消费属性占优时,紧缩性货币政策会导致价格的上涨;而当投资属性占优时,紧缩性货币政策能够减缓房地产价格的上涨速度,并且投资属性越凸出,效果越明显。

From the perspective of dual attributes, this paper emphatically analyzes the mechanism of the influence of monetary policy with different attributes on real estate price and the dynamic impacts in the process of attribute change, and uses TVP-SV-VAR to empirically test the dynamic influence of monetary policy on real estate price in China. The results show that when the consumption attribute is dominant, the tightened monetary policy will lead to a price increase; however, when the investment attribute is dominant, the tightened monetary policy will slow down the real estate price rise, and the more prominent the investment attribute, the more obvious the effect is.