消费者情绪、经济政策不确定性和房价波动

Consumer Sentiment,Economic Policy Uncertainty and Real Estate Price Fluctuation

以房地产市场为研究对象,利用百度搜索指数等三项二级指标建立情绪指数。通过回归模型实证研究发现,消费者情绪和经济政策不确定性显著影响房价波动。经济政策不确定性在消费者情绪影响房价波动的过程中有显著的正向调节作用。此外,消费者情绪对房价波动的影响因区域不同有所差异,从东向西呈逐渐增加趋势。

Taking the real estate market as the research object,using three secondary indicators such as Baidu search index to establish the sentiment index,through the regression model empirical research,it is found that:consumer sentiment and economic policy uncertainty significantly promote real estate price fluctuation.Economic policy uncertainty has a significant positive regulatory role in the process of consumer sentiment affecting real estate price fluctuation.In addition,the impact of consumer sentiment on real estate price fluctuation gradually increased from east to west due to regional differences.