Research On Efficiencies Of Macro-control In Real Estate Based On Market Classification

China is in the development of urbanization, basic housing needs have increasingly become a top issue on people's livelihood. Real estate has a long chain with up and down links, once served as a vanguard role in national economic growth. But in current real estate market, there are some uncontrollable affairs; the more stressed the higher price rises. Prices of land go mad, people suffer from Housing Consumption, developers become unscrupulous and real estate market is full of investment or speculative demand while basic housing needs are almost ignored. The Government has carried out macro-control policies aiming at controlling higher prices, with solve people's housing needs as well, but it no significant effects. Aiming to find more effective, targeted control measures, for control targets of precision-guided, we must study the effectiveness of existing real estate macro-control policies.According to quantization of macro-control, we have chosen quantitative indicators of monetary policy. Select two main objectives of monetary policy:Money Supply and Benchmark Interest Rate. At the same time, in accordance with classification of real estate market, we followed by selecting the representative indicators at all levels of market, considering data availability as standard. For Rank 1 and Rank 3 markets, we choose monthly data of price and volume; as far as to Rank 2 market, we add National Real Estate Indices into our index system, therefore a comprehensive Rank 2 market indicator come out based on principal component analysis. After accomplishing of establishment of two main data model, we begin our research of effect of monetary policy to make sure whether the regulation of real estate market including all levels can achieve the desired goals, and of more exactly effects of two monetary policy goals. Above this basis, the paper provides some suggestions for real estate market for completing of comprehensive three-tier regulatory system.In the process of empirical analysis, we study through application of VAR model, Impulse response function, variance decomposition in the purpose of study for effects of monetary policy, including interest rates and money supply on the Rank 2 and Rank 3 markets. Concluding after empirical analysis, we can see that, for Rank 3 market it is consistent with the theoretical expectation, in which interest rate impacts more than money supply in price index of Rank 3 market, on the one hand it refers to the imperfect transmission mechanism between money supply and interest rate, on the other hand interest rate is more effective than money supply in stimulating the market.Refer to analysis of Impact on Rank 2 market, we unexpectedly find responses of Rank 2 market indicators to impulses of interest rates and money supply show different from our common-sense understanding. Then we lunch a test in various sub-indices, to see how interest rates and money supply impact on Rank 2 market, trading prices gets a conclusion that it is consistent with theoretical analysis. National Real Estate Index consists of five sub-indexes, except open source of funds index keep the same to prices, real estate investment, construction area and the vacant area showed exactly the opposite. Land development index reacts with results particular unanticipated. Among them, the store of land, cherishing of selling in real estate and other unethical behaviors aiming to get profits by non-formal measures, so that a true reflection of market regulation and monetary policy objectives occur with more serious deviations.For Rank 1 market, we adopt a simple data processing and find that impact of adjustment of interest rates and money supply on Rank 1 market is no-significant. Therefore, in order to achieve more effective objectives we need to seek for methods beyond monetary policy, coordinate with other control measures for Continuous improvement regulatory policy.