Study On The Regional Difference Of Monetary Policy Housing Price Transmission Mechanism

With the rapid and even excessive development of China's real estate market,the impact of real estate prices on people's production and life is increasing.In order to make use of monetary policy to control the real estate prices and guide the healthy development of the real economy,this article introduces housing prices into monetary policy transmission mechanism for analysis.In addition,the level of economic development in different regions of China is different,there are some differences in the financial structure of each region.Whether monetary policy has regional differences in the effect of house price transmission in various regions is a matter of theoretical and practical significance.This paper first analyzes the monetary policy transmission mechanism of monetary policy,analyzes the principle of monetary policy transmission mechanism from the aspects of money channel and credit channel,and divides the monetary policy house price transmission mechanism into two stages:the first stage is the monetary Policy on the conduction of housing prices;the second stage is the price of the real economy conduction.According to the theoretical basis,through the chart on the conduction mechanism of the relevant indicators of the status and trends of intuitive observation.Then,the whole country is divided into three regions:eastern,central and western regions.Using the quarterly data of 31 provinces and cities in China from 2003 to 2015,the panel vector autoregressive model(PVAR)is established by region,and the impulse response function The difference of the conduction mechanism of house price in different regions and the validity of the model.The results show that the monetary policy house price transmission mechanism is smooth in each region,but the conduction process is different in different regions:the money supply in the eastern region and the central region on the impact of housing prices is more significant;interest rates in the eastern and western regions more significant impact on house prices The central region and the western region of the housing price changes on the inhibitory effect of consumption is more significant,and the eastern region of housing prices only through the interest rate channel conduction,will be on the right to the impact of investment in the three regions;Consumption has a more obvious impact.Finally,according to the analysis of the empirical results of the article,from the financial institutions to improve the system,the development of regional housing restrictions on the policy to guide the flow of population and other aspects of the relevant policy recommendations.