Empirical analysis of the effects of monetary policy on house prices--Based on the VECM model

摘要：

　　Over these years, Chinas real estate industry has achieved a rapid development.However, high house prices have become a hidden danger for the economy.Based on previous studies, this article selects three representative variables to build the vector error correction model (VECM) to test the impact of monetary policy on house price fluctuations Empirically.The result shows that there is a long-term stable relationship between monetary policy and house prices, and the monetary policy has a significant impact on house prices.To achieve the objectives of lowering house prices, central bank could combine administrative measures with the appropriate monetary policies.

关键词： Monetary policy House prices Vector error-correction model (VECM)

作者: Wanyu Xiang

作者单位: Dept of Financial Engineering,School of Economics and Management,Wuhan University of China,430072,China

会议类型: 国际会议

会议名称: 2013 2nd International Conference on Science and Social Research (2013年第二届科学与社会研究国际会议)(ICSSR2013)

会议地点: 北京

会议语种:英文

页码: 588-591

在线出版日期: 2013-07-13（万方平台首次上网日期，不代表论文的发表时间）