Research On Transmission Effect Of Monetary Policy Of China Though Real Estate Price

After nearly two decades of rocket-like rapid development,Real estate market of China has entered a stage of prosperity.In the country,real estate investment accounted for the increasing proportion of total investment in society,the impact of local economy is also important,even in some cities,the real estate industry has became a local pillar industry.As the real estate market to the rapid development of local benefits,crazy rising prices also breed a lot of social problems.China's central bank monetary policy goal is to maintain price stability,in order to stimulate economic growth,housing prices is an important part of the price,therefore,the regulation of housing prices is one of the important objectives of monetary policy,and now it seems that the property relative to other Assets,is a better way to achieve the preservation and appreciation of wealth.real estate prices fluctuations on the residents of wealth,consumption,investment is the problem that should not be ignored by monetary authorities.But in recent years,too high prices have increasingly become the people most concerned about the people's livelihood.In many cities,there are many young people looking at the room,but also a lot of young people,the grade gently became the "house slaves",for the mortgage and day and night hard work.The government is very unreasonable prices unreasonable phenomenon is very important to vigorously suppress the housing market speculation behavior,put forward "the house is used to live is not used to speculation," the People's Bank is also highly coordinated with the central instructions,the use of monetary policy on real estate Market regulation,but the control effect is not significant.Therefore,the monetary policy on the real estate price transmission principle,the process of conduction problems,are worthy of systematic research on the stability of the real estate market prices,build a harmonious society,the other young people better for the Chinese dream struggle has important significance.The first part of this paper first introduces the meaning and background of the topic and the relevant achievements of many experts and scholars at home and abroad,which are introduced from the aspects of how the monetary policy is transmitted to the real estate market and how the volatility of the real estate price affects the macroeconomic According to the research results,there are no consistent conclusions on the subject dueto the different research objects and angles,but the research ideas and framework of scholars have laid a solid foundation for further research in the future.The second part of the article introduces the theoretical research on the transfer mechanism of monetary policy by many theoretical economists.Monetary policy The real estate transmission mechanism is an important part of the monetary policy asset price channel.The monetary policy asset price transmission mechanism mainly refers to the monetary authorities Through the adjustment of monetary policy to affect asset prices,and then by the asset price fluctuations to affect the people's consumption,investment,and thus affect the total social output,so as to achieve the purpose of monetary policy.Specific to the real estate prices,there are two main stages: the first stage is the monetary authorities through the policy impact of real estate prices.The second link is the effect of house price on the wealth effect and the crowding effect and the investment effect of the economic subject,thus affecting the whole macroeconomic process.The third part is the empirical analysis part,this paper uses the cointegration analysis,error correction model,Granger causality test on the two stages of the various effects of the empirical test.The relationship between real estate price,money supply,social investment scale,social consumption index and bank credit scale are respectively obtained.The relationship between variables is obtained.It is found that the process of real estate price transmission mechanism exists in China.problem.The fourth part analyzes the problems existing in the process of the real estate price transmission mechanism of China's monetary policy,and tries to find out the reasons behind the interests of the micro-economic subject,To explain the monetary policy of real estate prices affect the macroeconomic phenomenon.The fifth part is about the continuous improvement of the monetary policy of asset price transmission mechanism of the relevant recommendations,including the government continued functional transformation,the central bank monetary policy transparency,improve the land auction system,to further relax the capital control,improve the social security system...