The Interaction Mechanism Of Fluctuations In Property Prices And Macroeconomic Fudamentals

In recent years, the real estate industry in the national economy became more important. Furthemore, the rapid rise of the real estate prices has caused the community's concern, especially caused the government's attention. In addition, the fluctuations in property prices is always accompanied by the current economic overheated investment and the insufficient consumption closely. As a result, how to maintain the property prices and the coordination of macroeconomic development has become a serious problem for Chinese government. Therefore, it is important that the government must have the correct understanding, particularly in the viewpoint of macroeconomics, of the real estate price fluctuation law, the scientific evaluation of the current fluctuations in the price of real estate trends and accurate assessment of positive and negative effects of real estate prices on macroeconomics.Based on the research from home and abroad in recent years,we foucsed on the real estate price fluctuations and the development of the macroeconomic situation in reality. By the way, we use the real estate economics and macroeconomics as the theoretical foundation, and also use the econometrics as a tool. Based on these, we analyzes the theoretical framework of the interaction mechanism of the real estate price fluctuations and the macroeconomics, and qualitatively analyzes the role of their channels and mechanisms. Finally, we analyzes the role of the real estate price fluctuations on the macroeconomic mechanisms in china by empirical research,on the contrary, we also analyzes the role of the macroeconomic fundamentals and the macro-control on the real estate prices fluctuations. The conclusion shows the coordination between the real estate price fluctuations in the actual development and the macroeconomic.At last,this paper draws conclusions as follows : firstly, the real estate prices in the overall range of the whole country is supported by macroeconomic fundaments, so it is reasonable to maintain a modest rising, subjected to the constraint of the economic fundamentals; secondly, the growth in property prices has influenced the country's consumption ,or had a noticeable negative impact on the savings and the wealths; thirdly, the growth in property prices has influenced enterprises from the obvious cost-effectiveness, and has impacteed on their investment decisions; finally, both of the monetary policies such as the rate and the money supply and the land policy in macro-control have the important effects on the property price fluctuations.The objects of this research also include that it can help the property market participants understand the law of real estate price changes and the in-depth understanding of the interaction mechanism between the real estate prices, the macro-economy, and the macro-control. Furthemore, it can provide adequate macro-control theory and practical cases for the government.