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.
YANG Gang1,2* (杨 刚), WANG Hongwei2 (王洪卫), WANG Zhengzheng2 (王诤诤)
. Different Types of Monetary Policy Instruments and Regional Housing Prices: A Comparative Study on the Influences of Regulation in China[J]. Journal of Shanghai Jiaotong University(Science), 2016
, 21(3)
: 343
-349
.
DOI: 10.1007/s12204-016-1731-2
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