| In the process of urbanization and Industrialization,real estate plays important role on the economy and becomes the focus of the government and people.Recently,monetary policy affects the real estate more and more notably.Real estate affects the economy in several different ways and becomes the key factor of promoting the economy.Confronting the situation of rising real estate price and excess investment,the government adopts corresponding regulation,in order to stabilize the real estate price and control the real estate investment.Therefore, uitable monetary policy controls the real estate price on the one hand.On the other hand, monetary policy plays an active role on the overall macroeconomicio effectively promote the consumption and investment through the real estate market.The thesis uses the datum from January,1997to October,2013,builds var model and make an empirical study on the patency and effective of the monetary transmission mechanism.It analyzes the patency of the monetary transmission mechanism on the real estate.On particular,the influence of the real estate on the overall economy is mainly studied.The result shows that in the stage of monetary policy affecting housing price, money supply plays a much bigger role compared to interest rate in influencing housing price, the effect of money supply on housing price is significant, and the one of interest rate is non-significant.In the stage of real estate price affecting the economy, the transmission mechanism is incompletely unimpeded,the investment and housing price are related notably, but housing price has no significant effects on consumption.Therfore,the role of the real estate in the monetary transmission mechanism should be considered seriouly,in order to stabilize the overall economy in terms of those unimpeded approaches.Simultaneously, the authourity should unblock the suffocated approaches as soon as possible so that the related policies won’t fail. |
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