| All along, the real estate industry plays an important role in the process of economicdevelopment of every country. The real estate market development and economic development areclosely related, the housing price fluctuation and changes in macro-economy key variable are alsoclosely related. Housing price fluctuations can cause changes in relevant economic variables, andthe changes of key economic variable can also cause price fluctuating in real estate market.This paper, based on macro-economic theory, monetary policy theory and related real estatetheory, studies the relationship between the real estate price fluctuation and macro-economicvolatility. First of all, this paper analyze the interactive relationship between macroeconomic andprice fluctuations in the perspective of monetary policy; Secondly, this paper also makessystematically description of China’s real estate markets, macroeconomic and monetary policystatus; Finally, this paper established two VAR models. The model1contains onlymacroeconomic and house price variables, while model2, based on model1, adds the monetarypolicy variables, making an empirical study on the bidirectional path relationship betweenmacroeconomic and housing prices under monetary policy.This study found that:(1) Qualitative analysis showed that the growth of the nationaleconomy, in general, will in the short term (1to1.5period) boost real estate prices, and reaches amaximum in the third stage, and fades after the fourth and fifth phase.（2）In current domesticmarket environment, the positive impact of GDP will bring a part of positive influence on the realestate prices through monetary policy.（3）The empirical results also show that with the influenceof rising house prices, the national economy outputs will increase, reaching a maximum in the thirdphase, and fading gradually after the fifth and sixth stage.（4）The positive impact of houseprices does not have any effects on the national economy output through monetary policy. |
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