| Estate investment playing an important role in the national economy，and it`s animportant part of the social fixed assets investment. According to the2011datapublished by NBS. The national real estate investment is6.174trillion yuan, fixed20.45%of town total fixed assets investment; its years growth rate of27.91%,4percents Higher than the year growth rate of town total fixed assets investment. Thethe three carriages of economic growth are Investment, Exports, Consumption.Though there has many questioned to this growth mode by academic circles, realestate investment as the one important part of the fixed assets investment, its pullingfunction to economic growth got the general approval. recent years, with theincreasing of real estate investment’ influence in the national economy, to strengthenthe research on the interaction between real estate investment and the nationaleconomy,it’s not only availed for the government to make relevant policies andMacro-control,and still has important significance to realized the real estate industryand macroeconomic benign interaction.This article through the relevant theories summary of real estate investment andmacroeconomic fluctuations，to review and summarizes the development of real estateinvestment and macroeconomic performance condition. And then analysis thecorrelation between real estate investment and GDP，CPI by measurement analysismethod. After wards，Using the cointegration theory, error correction model, grangercausality test,to make an empirical analysis on the relationship between thefluctuation of real estate investment and GDP. And establish the VAR model throughthe Granger causality test, impulse response function and variance decompositiondiagram analysis, found that there has certain significant relationship between realestate investment, house prices and commodity price. Finally, combined with thereality，and in the premise of the Full summary to its conclusion，this paper give somepersonal view points of real estate regulation. |
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