Study On The Effect Of Monetary Policy On The Real Estate Price In Changsha

In recent years, the housing price volatility is more and more by the impact ofmonetary policy, the rates of Changsha City in recent years, rapid growth, exactlywhat factors caused the rapid rise in house prices has become the current focus ofattention. Current point of view, real estate supply structure is unreasonable, risinghouse prices, this phenomenon is more unreasonable burden on ordinary people. Forthe current inflated prices, Changsha municipal government unveiled a series ofmeasures, including land, taxation, monetary and other macro-adjustment policies onthe real estate market to make health, healthy development of the real estate market.But from a practical point of view, this series of policy and not a fundamental solutionto the problem, Changsha, rapidly rising house prices and accelerate the speed of therise in house prices, but from the other side. The key factor is to effectively inhibit therapid price growth monetary policy, monetary policy, what reason is the rapid rise inreal estate sales prices of factors are worthy of discussion. Therefore, the study of theimpact of monetary policy on prices in Changsha City, has important theoretical andpractical significance.In this paper, based on the monetary policy combined with the existing landmanagement, combined with a variety of analytical methods, Changsha City landsales price, the supply of land area, the broad money supply, the one-year real lendingrates and per capita disposable income and housing sales price relationship. Thispaper first describes an overview of the Changsha City real estate development, andthen explore monetary policy affect the price of the theoretical analysis, and then usethe data, Granger causality test and loud in the error correction model variancedecomposition, empirical monetary policy in Changsha home sales prices.The innovation of this paper is mainly reflected in: from the the Changsha Landsales prices, the supply of land area, the broad money supply, the actual one-year loaninterest rates and per capita disposable income variable start by constructingChangsha City housing sales price error correction model (VEC), to study the impactof monetary policy on housing sales price in Changsha City, lay the foundation forfuture deeper housing sales price.