A Study On The Interactive Correlations Between The Monetary Policy And Real Estate Price In China

China’s housing system reform since1998, have gradually brought Real estate investment and real estate prices keep rising. As real estate prices climbed, real estate prices and monetary policy relationship once again become the focus of attention. Monetary policy should be aimed at about whether the volatility of the asset prices respond the problem, the domestic and overseas scholars produce the diameter Wei clear two views:the idea that if volatile prices of assets from its fundamentals, monetary policy should have any reaction, this view of promising referred to another idea that monetary policy should not be in a volatile prices of assets to respond, unless the asset price fluctuation of the influence on the inflation expectations, this view Invalid theory. This paper is based on this background, this paper tries to analyze the real estate prices and monetary policy of the inner link between, no doubt, has strong theoretical significance and practical significance.This article first carries on the analysis to the real estate price and monetary policy’s correlation theories, in discussed the monetary policy to conduct in channel’s foundation to the real estate price, established SVAR the model to carry on the corresponding empirical analysis. The empirical study result indicated that the real estate price is very big to inflation’s function, but to delivers the function is small; The real estate price the wealth effect which produces in monetary policy’s conduction is weak, the investment effect is more obvious; To expends from the real estate price may know with the investment influence lag, in the real estate price fluctuations has contained about the future monetary policy goal important information. Finally, this article in monetary policy intervention real estate market expiration--US loan crisis’s case foundation, to our country monetary policy whether should make the response to the real estate price fluctuations as well as how make the response to put forward some experimental proposal.