The Research On The Price Transmission Mechanism Of Monetary Policy On The Development Of Real Estate Industry

Important in China since ancient times people often say live the words,because,itis our most basic survival and development of subsistence, but also for the economicdevelopment of a country and the living standards of the people of this country tomeasure the indicators. In our history, customs inside," live " the idea has gained,and Home Ownership is the ideal to the ruling class to pursue civilian lifemarketplace.Tang Dynasty poet Du Fu poem reads: An tens of thousand, large shelterScholars all smile. Housing ancient times are concerned with the sustainability of acountry’s development and long-term stability a top priority.In this paper, interest rates and money supply perspective, theoretical andempirical analysis of the impact of monetary policy in the process of real estateprices. In the theoretical analysis, the first of China’s monetary policy, combinedwith changes in the regulation of China’s real estate prices introduced monetarypolicy instruments. Then focus on the mechanism of monetary policy affect realestate prices, interest rates way from credit pathways and pathway analysis portfolioeffect of monetary policy on the real estate price movements influence the process.Based on the theoretical analysis and empirical research, studies have concludedthe following: interest rate and real estate prices there is a negative correlationbetween money supply relationships with real estate prices is positive, real estateprices on the money supply sensitive degrees higher. Dynamic effects of interest rateson real estate prices showed a positive impact on interest rates caused by rising realestate prices first, followed by the real estate prices have a negative impact, but in thelong run its dynamic influence gradually weakened and eventually return to the origin.Positive impact on the money supply so that the rapid rise in real estate prices in thelong run, the impact on real estate prices also showed waning characteristics.Finally, based on the empirical conclusions, made the following policyrecommendations: first, to increase the forward-looking monetary policy, monetarypolicy, shortening the internal time delay; Second, develop a reasonable interest ratepolicy, and gradually promote the interest rate market; Third, reasonable control the money supply growth rate, the real estate credit structure adjustment; fourth,strengthen organic complexes of monetary policy and other policies.