J Shanghai Jiaotong Univ Sci

Journal of shanghai Jiaotong University (Science) ›› 2016, Vol. 21 ›› Issue (3): 343-349.doi: 10.1007/s12204-016-1731-2

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Different Types of Monetary Policy Instruments and Regional Housing Prices: A Comparative Study on the Influences of Regulation in China

Different Types of Monetary Policy Instruments and Regional Housing Prices: A Comparative Study on the Influences of Regulation in China

YANG Gang1,2* (杨 刚), WANG Hongwei2 (王洪卫), WANG Zhengzheng2 (王诤诤)   

  1. (1. Business School, University of Jianqiao, Shanghai 201315, China; 2. School of Public Economics and Administration, Shanghai University of Finance & Economics, Shanghai 200433, China)
  2. (1. Business School, University of Jianqiao, Shanghai 201315, China; 2. School of Public Economics and Administration, Shanghai University of Finance & Economics, Shanghai 200433, China)
  • Online:2016-06-30 Published:2016-06-30
  • Contact: YANG Gang (杨 刚) E-mail:158751759@qq.com

Abstract: Using system clustering method to group China’s provinces into 3 new groups according to their housing prices, then establishing a state-space model and applying the Kalman filter calculation, we made a comparative analysis of the influences of different types of monetary policy instruments towards different regional housing prices. The empirical results show that both the quantitative instruments represented by M2 and the pricing instruments represented by real interest rate have increasing influences on different regional housing prices, but the former influence is much stronger than the latter. The influential differences of quantitative instruments to regional housing prices are much greater. It means the higher the regional housing price is, the greater the influence is. Therefore, the central bank shall optimize the combination of monetary policy instruments according to the above characteristics of different types of monetary policy instruments in order to acquire the regulatory target of real estate market.

Key words: monetary policy| quantitative instruments| pricing instruments| regional housing price| state-space model

摘要： Using system clustering method to group China’s provinces into 3 new groups according to their housing prices, then establishing a state-space model and applying the Kalman filter calculation, we made a comparative analysis of the influences of different types of monetary policy instruments towards different regional housing prices. The empirical results show that both the quantitative instruments represented by M2 and the pricing instruments represented by real interest rate have increasing influences on different regional housing prices, but the former influence is much stronger than the latter. The influential differences of quantitative instruments to regional housing prices are much greater. It means the higher the regional housing price is, the greater the influence is. Therefore, the central bank shall optimize the combination of monetary policy instruments according to the above characteristics of different types of monetary policy instruments in order to acquire the regulatory target of real estate market.

关键词: monetary policy| quantitative instruments| pricing instruments| regional housing price| state-space model

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