本文關(guān)鍵詞： 貨幣政策 房地產(chǎn)價(jià)格 宏觀調(diào)控 存款準(zhǔn)備金率 協(xié)整檢驗(yàn)　出處：《安徽財(cái)經(jīng)大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：自1998年住房制度改革以來(lái),我國(guó)房地產(chǎn)行業(yè)的持續(xù)發(fā)展使其逐步成為國(guó)民經(jīng)濟(jì)的支柱產(chǎn)業(yè)。但是由于起步比較晚,各種配套制度不健全,我國(guó)房地產(chǎn)行業(yè)在發(fā)展的過(guò)程中也出現(xiàn)了很多問(wèn)題,其中最突出的問(wèn)題之一就是房地產(chǎn)價(jià)格的持續(xù)不斷高漲,這對(duì)微觀主體和宏觀經(jīng)濟(jì),都產(chǎn)生了很大的負(fù)面影響,也引發(fā)了學(xué)者們的廣泛討論。 貨幣政策作為調(diào)控宏觀經(jīng)濟(jì)的有力工具之一,近年來(lái)多次被運(yùn)用于房地產(chǎn)市場(chǎng)的調(diào)控,然而卻沒(méi)有很好的起到抑制房?jī)r(jià)的作用,使人們對(duì)貨幣政策調(diào)控房地產(chǎn)價(jià)格的效果產(chǎn)生了懷疑。本文在此大背景下,著重研究了貨幣政策的房地產(chǎn)價(jià)格傳導(dǎo)機(jī)制。首先,從規(guī)范分析的角度論述了利率、存款準(zhǔn)備金率和貨幣供應(yīng)量等貨幣政策的調(diào)控將對(duì)房地產(chǎn)價(jià)格產(chǎn)生何種影響以及房地產(chǎn)價(jià)格變化以后,又會(huì)對(duì)投資和消費(fèi)等實(shí)體經(jīng)濟(jì)產(chǎn)生何種影響。緊接著運(yùn)用了協(xié)整檢驗(yàn),脈沖響應(yīng)和方差分解等方法分別檢驗(yàn)了各種貨幣政策調(diào)控房地產(chǎn)價(jià)格的效果以及房地產(chǎn)價(jià)格對(duì)實(shí)體經(jīng)濟(jì)的影響程度。 在以上理論分析與實(shí)證分析的基礎(chǔ)上,本文得出以下結(jié)論：首先肯定了貨幣政策房地產(chǎn)價(jià)格傳導(dǎo)機(jī)制的存在,貨幣政策對(duì)房地產(chǎn)價(jià)格的調(diào)控會(huì)產(chǎn)生一定的效果,但同時(shí)不可否認(rèn)的是,貨幣政策的調(diào)控仍有不足之處,貨幣政策房地產(chǎn)價(jià)格傳導(dǎo)機(jī)制仍有不通暢的地方,本文在找到該機(jī)制受阻的根源的基礎(chǔ)上提出了相應(yīng)的政策建議。
[Abstract]:Since the reform of housing system in 1998, the continuous development of the real estate industry in China has made it gradually become the pillar industry of the national economy. However, due to the late start, various supporting systems are not perfect. There are also many problems in the development of real estate industry in our country. One of the most prominent problems is the continuous upsurge of real estate prices, which has a great negative impact on the microcosmic main body and macro economy. It also triggered extensive discussion among scholars. Monetary policy, as one of the powerful tools to control the macro economy, has been used in the real estate market for many times in recent years, but it has not played a very good role in restraining house prices. It makes people doubt the effect of monetary policy on real estate price control. In this context, this paper focuses on the real estate price transmission mechanism of monetary policy. First, the paper discusses interest rate from the perspective of normative analysis. What kind of impact will monetary policies such as reserve ratio and money supply have on real estate prices and, after changes in real estate prices, what impact will they have on the real economy, such as investment and consumption. Then cointegration tests have been used. The methods of impulse response and variance decomposition are used to examine the effects of various monetary policies on real estate prices and the impact of real estate prices on the real economy. Based on the above theoretical analysis and empirical analysis, this paper draws the following conclusions: firstly, it affirms the existence of monetary policy real estate price transmission mechanism, monetary policy on real estate price control will have certain effect. But at the same time, it is undeniable that there are still some deficiencies in the regulation of monetary policy, and there are still some problems in the real estate price transmission mechanism of monetary policy. This paper puts forward corresponding policy suggestions on the basis of finding out the root of the obstruction of the mechanism.
【學(xué)位授予單位】：安徽財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F299.23;F822.0

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本文編號(hào)：1519581