Shocks Of Monetary Policy To Real Estate Price

With China's rapid economic development,the real estate market also experienced a "gold en decade",and became a pillar industry.During this period,the real estate industry due to its high price on the whole,which remained relatively substantial growth,attracts much attention from all sides.Loosen monetary policy is considered an important factor driving the real estate prices,and the tightening of monetary policy suppressed the rise in real estate prices,prompting the real estate market down in a period of time.In addition,real estate prices play an in-creasingly important role in the transmission mechanism of monetary policy,the changes of real estate prices has a more significant impact on the monetary policy objectives.Nowadys,China's economic development has entered a "new normal" phase,discussing the relationship between monetary policy and real estate price volatility has become more important practical significance.This article start from the interaction between monetary policy and real estate price fluctuations,combing the effects of different monetary policy on real estate prices,the impact of real estate price fluctuations on the monetary policy objectives as well as the effect of real estate prices in the transmission mechanism of monetary policy.This paper also established a DSGE model of a New Keynesian framework,included six ecnomic sectors such as the business of real estate,to examine the impact of monetary policy on real estate prices and in response to output and inflation to monetary policy shocks.This article use the data of 2005-2015,dividing monetary policy easing cycle into steady period and systolic perriod,and in each period,the monetary policy are set up price-based and quantity-based monetary policy shocks,Comparatively analysised of the monetary policy on the real estate market impact effect.Impulse response shows that:(1)both price-based monetary policy shock or quantity-based monetary policy shock has obvious impact on China's real estate prices,output and inflation.Thus,China's monetary policy can be aggressive used on the real estate market.(2)the impact of the steady easing of monetary policy on the real estate market is greater than the impact of the tightening of monetary policy on the real estate market,this may be since the implementation of China's monetary policy presents obvious asymmetry.(3)Real estate prices on the quantitative monetary policy response is greater than the response of price-based monetary policy.Therefore,this paper suggests that China's monetary policy should focus on real eatate prices,continue to promote market-oriented interest rate reform and increase the proportion of price-based monetary policy instruments gradually.