Housing Price,Inflation and Monetary Policy;an Empirical Study Based on Chinese Data
基于2005-2011年中国数据，研究了流动性、负实际利率和货币政策工具对房价与通胀的影响，发现利率上调对房价的抑制作用强于货币供应量增加。
China is in a period of transition,during which the real estate price,inflation and monetary policy all carry different features from other countries.Specifically,the real estate prices are determined by not only the demand and supply,but also factors including population structure,fiscal and taxation policy and land supply rules.Data from 2005 to 2011 showed that:(i) liquidity has notable impacts on real estate price and inflation; (ii) negative real interest rate has pushed up real estate price;and(iii) the pricing tools of monetary policy can contain real estate price,and most importandy,the impacts of interest rate increase on real estate price exceeded the impacts of money supply increase.