Since the end of the era of welfare housing division in China in 1998,real estate turned to market economy and began to carry out housing commercialization,and the real estate industry became the pillar industry of the national economy.However,the rapid rise of the real estate market is accompanied by the phenomenon that housing prices are rising rapidly and speculative demand is strong,which is not conducive to the healthy development of the economy.In view of this problem,since 2003,China has begun for decades of macroeconomic regulation and control of the real estate market,including economic means such as monetary policy,land policy and administrative means such as limited purchase policy.In this context,this paper first combed the relevant theory of real estate macro-control,and from the real estate prices,the scale of real estate investment continues to increase,housing vacancy rate is high in three aspects of the real estate market in China is faced with the bad situation,the real estate market regulation is imminent.Then,we analyze the mechanism of monetary policy,land policy,and the policy instruments that restrict the real estate market.Further from the four interest groups of the central government,local government,real estate merchants and buyers,the interest trend and the game process of the interest groups around the real estate macro-control are analyzed.Next,we use VAR model and impulse response function to empirically test the implementation effect of real estate macro control policy.The results show that the adjustment of interest rates is effective in regulating house prices,but the effect is not good.Land policy is effective in controlling house prices,the effect of policy is lagging behind,and the policy of limiting purchase does not play a role in reducing house prices,but it inhibits the growth rate of house prices.Finally,based on the analysis of the reasons why the macro-control policies of the real estate industry are not very effective,we put forward suggestions for improving the macro-control of real estate. |