货币政策对房价影响的区域差异:来自多层混合效应模型的新证据

Regional Heterogeneous Effects of Monetary Policy on Housing Prices:New Evidence from Multi-Level Mixed Effect Model

本文基于多层混合效应模型探讨了2005—2016年间中国货币政策对70个大中城市房价影响的区域性差异。研究发现:货币政策对房价影响在一二三线城市组别间、八大综合经济区间、省份间、城市间均存在显著差异;而这一区域性差异在同一省内的各城市间较小。中国房地产市场具有显著的以省份为主体来吸收货币政策影响的特征。

Based on multi-level mixed effect model,this paper explores the regionally hetero-geneous effects of monetary policy on the housing prices of 70 large- and medium-sized cities in China from 2005 to 2016.We find significant regional heterogeneity at city development level（tier 1,2,and 3）,economic region level,provincial level,and city level. Such regional heterogeneity is negligible only among cities from the same province. The Chinese housing mar-ket exhibits a strong provincial trait in terms of absorbing the impact of monetary policies.