The Study on the Real Estate Price Monetary Policy Transmission Channel

摘要

With the rapid development of our real estate industry, the so-called real estate bubbles have even appeared in several cities. At the point to the problem, the Central Bank has raised the credit interest rate serially for five times in order to stabilize the real estate price through the leverage of interest rate. Thereby this article focus on the effect that monetary policies have on the real estate price and the one that the real estate price has on the objects of monetary policies with the Johansen Cointegration test and the Granger Causality test on the correlative data. The test result finds that the real estate price can actually play as a monetary policy transmission channel besides the interest rate, the exchange rate and so on in China. Furthermore, we analyze the mechanism of the real estate price monetary policy transmission channel in China, in the aim of providing a theoretical basement to regulate the real estate industry through the monetary policies for the government.