| With the development of the capital market in China, stock market and the real estate marketacts as an important role in our monetary policy transmission process. Monetary policytransmission channels can be divided into interest rate transmission channel, the credittransmission channel and the capital market transmission channel. Capital market channelincludes the stock market channel, the real estate market channel and the exchange rate markettransmission mechanism. The paper studies the efficiency of the monetary policy transmissionthough the real estate market from the theoretical and empirical points.This paper is divided into five chapters. The first part is the general of the paper. The secondchapter is literature reviews. The third part theoretically introduces the monetary policytransmission mechanism that transmits though house price channel. The next part of the paperestablishes the simultaneous equation model and structural vector auto regression model toanalysis the efficiency of monetary policy transmission though house price channel from thestatic and dynamic analysis. Empirical process results are as follows:(1)When the monetary policy transmits from the banks and financial institutions to the houseprice, banks play an irreplaceable position. The scale of bank credit and bank loan interest rateboth have a significant impact on the house price. Although market interest rate influences thehouse price, the impact is not significant.(2) The impact of house prices on consumption is negative. Tobin’s Q effect of house price ismore marked than the family wealth effect. The rising house price will lead to a weak rising inCPI with a lag.The last part makes several suggestions based on the results of the studies above.The innovation of this paper is to consider the impact of bank regulation lending rate on thehouse price on the basis of previous studies and using the simultaneous equation model to analyzethe static transmission mechanism of monetary policy. |
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