The Asymmetric Effects Of China Monetary Policy On Real Estate Market

Since China,s real estate market reformed in 1998,the ability of real estate price to absorb,transmit and amplify economic fluctuation is more and more strong.The development of the real estate market has largely affected the overall development of national economy.How to promote the stable development of the real estate market has received widespread attention from all walks of life.As a capital-intensive industries of real estate industry,monetary policy on the real estate market has been an effective regulatory role.In this situation,we studied our country monetary policy of the asymmetric effect on the real estate market,which can provide the beneficial reference for the monetary policy operation.So it has strong practical significance.In the study of the cycle of monetary policy and real estate market is asymmetric,cycle fluctuation of monetary policy and real estate market is determined by spectral analysis that is one of time series analysis.It has concluded that the cycle of monetary policy and real estate market is asymmetric.In the study of the effect of monetary policy on the different types of real estate market is asymmetric,this paper builds asymmetric effects model of monetary policy for real estate market development of different types,from the perspective of supply,demand and price,and empirically analyzes the asymmetric effects using VEC model and impulse response function,the results show that real estate market of different types exists significant asymmetry in the response to monetary policy.In the study of the effect of monetary policy in different states of the real estate market is asymmetric,the influence of monetary policy on the real estate market is studied by markov area transformation model.According to the research data results,the three aspects index of real estate market,s supply,demand and price have three state mechanism.While the real estate market is placed under three state mechanism,furtheranalysis of the asymmetric effect of monetary policy on real estate market.Finally,according to China,s monetary policy transmission mechanism and the problems existing in the characteristics of the real estate market itself to put forward several policy recommendations.