Research on the Effect of Real Estate Price to Intermediate Objectives of Monetary Policy Based on ECM

2010 ◽  
Author(s):  
Yueying Lv ◽  
Decun Guo
Keyword(s):  
Monetary Policy ◽  
Real Estate ◽  
Real Estate Price

Monetary Policy's Influence on Real Estate Price in China: An Analysis Based on VAR Model

2013 ◽  
Vol 850-851 ◽  
pp. 1003-1007
Author(s):  
Xiong Song He ◽  
Guo Lin Deng
Keyword(s):  
Monetary Policy ◽  
Interest Rate ◽  
Real Estate ◽  
Money Supply ◽  
Var Model ◽  
Response Analysis ◽  
Interest Rate Policy ◽  
The Real Estate ◽  
Real Estate Price ◽  
Rate Policy

Monetary policy has a significant effect on real estate price, and monetary policymakers need to have quick response. Based on the assumptions that monetary policy and real estate price influence each other and variables affect one another with a lag, A VAR model is designed and modified. Through impulse-response analysis and variance analysis, the influence of money supply and that of interest rate on real estate price are tested and compared. We found that: both money supply and interest rate could affect the real estate price; interest rate has a bigger influence that money supply does; as time goes on, the influence of money supply changes little, but that of interest rate enhances; interest rate policy is not easy to control and it will lead to a fluctuation of economy and the fluctuation may enhance, money supply is a better method to regulate real estate industry instead.

Simulation and Empirical Analysis on Real Estate Prediction Based on Friction Model

2014 ◽  
Vol 716-717 ◽  
pp. 474-478
Author(s):  
Yi Yang ◽  
Shan Li
Keyword(s):  
Monetary Policy ◽  
Interest Rate ◽  
Local Government ◽  
Real Estate ◽  
Housing Prices ◽  
Real Estate Market ◽  
Supply Side ◽  
Demand Side ◽  
Price Expectations ◽  
Real Estate Price

Based on the housing holding cost model, this paper obtains the causes of real estate price expectations, and analyzes the four factors which affects real estate price expectations from the theory: the supply side, demand side, the local government and some main monetary policy variables. Combined with the actual situation in Chinese real estate market this paper puts forward the corresponding hypothesis. The empirical results show that the main source of housing prices driving force is the demand side, while the impact of local government on prices is not obvious; the effect of supply side and monetary policy on house prices is relatively small. The nominal interest rate has no significant effect on prices, and the real interest rate has more obvious effect. Based on the empirical conclusions, this paper puts forward the corresponding policy suggestion of houses prices expectation management.

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