| As the rise of real estate prices, the risk of real estate market is getting more and more serious. The suggestion to use the monetary policy to control the real estate market received more and more attention. This paper attempts to find the mechanism of the impact that monetary policy on real estate market.Based on the review of real estate supply and demand and price as well as monetary policy, this paper found the monetary policy has a very significant influence on the real estate market. And monetary policy first will affect the real estate market supply and demand. Due to changes in the structure of supply and demand, the real estate prices will also change.Based on the overview of China's monetary policy system and tools and the theory of asset prices, this paper analyzed the influence of monetary policy on the real estate supply and demand through VECM and impulse response analysis method.In order to further study the influence of monetary policy on real estate prices, this paper systematically analyzed the overall impact of monetary policy on the real estate market including supply and demand and price through a simultaneous equations model.The results suggested that the housing demand react to monetary policy faster than supply, this non-synchronization led to real estate prices fluctuating, and then again to produce a new round of influence until a new equilibrium appear.The last chapter makes a conclusion and points out the defects of this paper and the direction of later improvement. |
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