开放经济下货币政策宣告对房地产市场的作用机理研究

Research on the Mechanism of Money Policy Announcements Acting on the Real Estate Market

我国住房制度改革20年来,房地产价格经历了五次上涨高峰,其与各宏观经济变量之间的联系与影响越来越大。文章从房地产市场与货币政策的协调关系出发,探讨货币政策针对资产价格实施对宏观经济带来的动态影响。在居民完全预知的情况下,以房地产价格与本国汇率为变量,建立了一个开放的经济模型,在浮动汇率制度下,考察货币政策宣告前后对经济体的影响,计算并绘出房地产价格与本国汇率的动态变化路径。

In the view of recent overheating real estate market,the connection and interaction between real estate market price and various macroeconomic variables are more and more significant. We started from the coordinating relation of real estate market and money policy,discussing the reflection that money policy acts on asset price for macro-economy. Under the circumstance of citizen's completely expectation,by making our real estate market prices and exchange rate variables,we built an open economic model constrained by floating exchange rate,investigating the effect of economy which was before and after the policy announcements,and then we calculated and drew the dynamic paths of them.