中国房地产市场中货币政策传导路径分析

Research on the Monetary Policy Transmission Path in the Real Estate Market of China

运用VAR模型实证分析货币政策在我国房地产市场内部的传导路径及其效果。信贷政策对我国房地产市场的供求没有显著的影响;货币供应量能够对房地产市场的供给层面起到调节作用。货币政策在我国房地产市场中遵循"货币供应量——房地产供给——房地产需求——房地产价格"这样的传导路径,但是货币政策的整体传导效率不高。

This paper empirically analyzes the monetary policy transmission path and its effects in the real estate market of China by using the VAR model.The credit policy doesn’t have any significant effects on the supply and demand of the real estate market while the money supply can regulate the real estate market’s supply.The monetary policy transmission in the real estate market follows the way of"money supply-supply of the real estate market-demand of the real estate marketreal estate price".However,the whole transmission efficiency is not very high.