As a transition economy, China has unique characteristics regarding housing price, inflation and monetary policies. In addition to supply and demand powers, China's housing price is affected by demographic structure,...As a transition economy, China has unique characteristics regarding housing price, inflation and monetary policies. In addition to supply and demand powers, China's housing price is affected by demographic structure, fiscal system and land supply system. Using China's statistics from 2005 to 2011, this paper found empirically that (1) liquidity has a significant impact on China's housing prices and inflation; (2) China's negative real interest rate has pushed up housing price; (3) price-related instrument of monetary policy can curb housing price and is more effective than control of money supply.展开更多
Using system clustering method to group China's provinces into 3 new groups according to their housing prices, then establishing a state-space model and applying the Kalman filter calculation, we made a comparativ...Using system clustering method to group China's provinces into 3 new groups according to their housing prices, then establishing a state-space model and applying the Kalman filter calculation, we made a comparative analysis of the influences of different types of monetary policy instruments towards different regional housing prices. The empirical results show that both the quantitative instruments represented by M2 and the pricing instruments represented by real interest rate have increasing influences on different regional housing prices,but the former influence is much stronger than the latter. The influential differences of quantitative instruments to regional housing prices are much greater. It means the higher the regional housing price is, the greater the influence is. Therefore, the central bank shall optimize the combination of monetary policy instruments according to the above characteristics of different types of monetary policy instruments in order to acquire the regulatory target of real estate market.展开更多
This works examine the responses of housing prices to the monetary policies in various Chinese cities. Thirty-five large and medium sized Chinese cities are classified into six clusters applying the minimum variance c...This works examine the responses of housing prices to the monetary policies in various Chinese cities. Thirty-five large and medium sized Chinese cities are classified into six clusters applying the minimum variance clustering method according to the calculated correlation coefficients between the housing price indices of every two cities.Time difference correlation analysis is then employed to quantify the relations between the housing price indices of the six clusters and the monetary policies.It is suggested that the housing prices of various cities evolved at different paces and their responses to the monetary policies are heterogeneous,and local economic features are more important than geographic distances in determining the housing price trends.展开更多
文摘As a transition economy, China has unique characteristics regarding housing price, inflation and monetary policies. In addition to supply and demand powers, China's housing price is affected by demographic structure, fiscal system and land supply system. Using China's statistics from 2005 to 2011, this paper found empirically that (1) liquidity has a significant impact on China's housing prices and inflation; (2) China's negative real interest rate has pushed up housing price; (3) price-related instrument of monetary policy can curb housing price and is more effective than control of money supply.
基金the Humanity and Social Science on Youth Foundation of Ministry of Education of China(No.14YJC790152)the Foundation of Shanghai Municipal Education Commission(No.2016-SHNGE-03-ZD)the China Postdoctoral Science Foundation(No.2013M531157)
文摘Using system clustering method to group China's provinces into 3 new groups according to their housing prices, then establishing a state-space model and applying the Kalman filter calculation, we made a comparative analysis of the influences of different types of monetary policy instruments towards different regional housing prices. The empirical results show that both the quantitative instruments represented by M2 and the pricing instruments represented by real interest rate have increasing influences on different regional housing prices,but the former influence is much stronger than the latter. The influential differences of quantitative instruments to regional housing prices are much greater. It means the higher the regional housing price is, the greater the influence is. Therefore, the central bank shall optimize the combination of monetary policy instruments according to the above characteristics of different types of monetary policy instruments in order to acquire the regulatory target of real estate market.
基金Supported by the Hundred Talent Program of the Chinese Academy of Sciences,the National Natural Science Foundation of China under Grant Nos.71103179 and 71102129Program for Young Innovative Research Team in China University of Political Science and Law, 2010 Fund Project under the Ministry of Education of China for Youth Who are Devoted to Humanities and Social Sciences Research 10YJC630425
文摘This works examine the responses of housing prices to the monetary policies in various Chinese cities. Thirty-five large and medium sized Chinese cities are classified into six clusters applying the minimum variance clustering method according to the calculated correlation coefficients between the housing price indices of every two cities.Time difference correlation analysis is then employed to quantify the relations between the housing price indices of the six clusters and the monetary policies.It is suggested that the housing prices of various cities evolved at different paces and their responses to the monetary policies are heterogeneous,and local economic features are more important than geographic distances in determining the housing price trends.