本文選題：貨幣政策　切入點：房地產價格　出處：《華中師范大學研究生學報》2015年04期 　論文類型：期刊論文

【摘要】：本文對2001年1月至2014年12月的宏觀經濟月度數(shù)據(jù)構建結構向量自回歸(SVAR)模型,分析了貨幣政策對房地產價格、房地產價格對實體經濟的傳導過程。研究發(fā)現(xiàn),貨幣政策對房地產價格的反應強度大于房地產價格對實體經濟的反應強度。其中,房地產價格與利率成同向波動、與貨幣供應量呈反向波動,利率對房地產價格的影響比較迅速,貨幣供給量的反應存在一定時滯,但總體影響略大于利率。房地產價格的變動導致了投資和消費的反向波動,反映出居民的擠出效應大于財富效應,房地產的投資存在一定的風險。
[Abstract]:Based on the monthly macroeconomic data from January 2001 to December 2014, a structural vector autoregressive model is constructed in this paper, and the transmission process of monetary policy to real estate price and real estate economy is analyzed. The response of monetary policy to real estate prices is stronger than that of real estate prices to the real economy. Among them, real estate prices fluctuate in the same direction as interest rates and in reverse with the money supply. The effect of interest rate on real estate price is relatively rapid, and the response of money supply has a certain time lag, but the overall effect is slightly greater than interest rate. The change of real estate price leads to the reverse fluctuation of investment and consumption. This reflects that the crowding out effect of residents is greater than the wealth effect, and the investment of real estate has certain risks.
【作者單位】： 華中師范大學經濟與工商管理學院;
【分類號】：F299.23;F822.0

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相關期刊論文 前1條

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本文編號：1647148