房地产价格对货币政策动态响应的区域异质性——基于省际面板数据的实证分析
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财经研究 2010 年 第 36 卷第 06 期, 页码：124 - 133
摘要
参考文献
摘要
房地产市场是典型的区域性市场。文章通过建立PVAR(面板向量自回归)模型,使用脉冲响应函数分析方法,测度各种货币政策工具对中国东、中、西部地区房地产市场价格动态影响的异同。实证结果表明:东、西部地区房地产价格受数量型工具冲击后向稳态收敛的速度慢于中部;数量型工具对西部地区房地产价格的累积效应最为显著,价格型工具对东部地区房地产价格的累积效应最大;东、中部地区房地产市场上主导型货币政策工具为M0,西部地区则以信贷为主导型政策工具。
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[3]魏玮.货币政策对房地产市场冲击效力的动态测度[J].当代财经,2008,(8):55-60.
[4]张涛,龚六堂,卜永祥.资产回报、住房按揭贷款与房地产均衡价格[J].金融研究,2006,(2):1-10.
[5]Beatriz Larraz-Iribas,Jose-Luis Alfaro-Navarro.Asymmetric behaviour of Spanish re-gional house prices[J].International Advances in Economic Research,2008,(14):407-421.
[6]Davis E,Philip and Zhu,Haibin.Bank lending and commercial property cycles:Somecross-country evidence[R].BIS Working Paper(No.150).March,2004.
[7]Del Negro,Marco Otrok,Christopher.Monetary policy and the house price boomacross U.S.states[J].Journal of Monetary Economics,October 2007,54(7):1962-1985.
[8]Iacoviello,Matteo,Raoul Minetti.Financial liberalisation and the sensitivity of houseprices to monetary policy:Theory and evidence[J].The Manchester School,2003,71(1):20-34.
[9]Inessa Love,Lea Zicchino.Financial development and dynamic invest ment behavior:Evidence frompanel VAR[J].The Quarterly Reviewof Economics and Finance,2006,(46):190-210.
[10]Qi Liang,Hua Cao.Property prices and banklendingin China[J].Journal of Asian E-conomics,2007,(18):63-75.
[11]William D Lastrapes.The real price of housing and money supply shocks:Ti me seriesevidence and theoretical si mulations[J].Journal of Housing Economics,2000,11(1):40-74.
引用本文
魏玮, 王洪卫. 房地产价格对货币政策动态响应的区域异质性——基于省际面板数据的实证分析[J]. 财经研究, 2010, 36(6): 124–133.
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