Chapter
Nov 18, 2014
Empirical Research of Monetary Policy Transmission Effects in the Real Estate Market
Authors: Haifeng Guo [email protected], Yi Qiu [email protected], Yi Liu [email protected], Wei Jiang [email protected], and Yue Sui [email protected]Author Affiliations
Publication: ICCREM 2014: Smart Construction and Management in the Context of New Technology
Abstract
This paper investigates the transmission mechanism and the effect of monetary policy in the real estate market. A structural VAR (SVAR) model is estimated using a data set comprised of a monthly series over the period of 2007 to 2012. Statistical analysis, ADF unit root test, co-integration test and impulse response analysis are successively conducted. The results of this investigation show that monetary policy transmits to real estate market through the interest rate channel, credit channel and asset-liability channel. It exploits the wealth effect, pulling effect and crowding-out effect of the real estate market to regulate macro economy.
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ICCREM 2014: Smart Construction and Management in the Context of New Technology
Pages: 1345 - 1354
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© 2014 American Society of Civil Engineers.
History
Published online: Nov 18, 2014
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Associate Professor, Department of Applied Economics, Harbin Institute of Technology, Harbin, China, 150001. E-mail: [email protected]
Postgraduate, Department of Applied Economics, Harbin Institute of Technology, Harbin, China, 150001. E-mail: [email protected]
Postgraduate, Department of Applied Economics, Harbin Institute of Technology, Harbin, China, 150001. E-mail: [email protected]
Postgraduate, Department of Applied Economics, Harbin Institute of Technology, Harbin, China, 150001. E-mail: [email protected]
Department of Economics and Management, Shenyang Sport University. E-mail: [email protected]
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