房地产价格与货币供应量的波动溢出效应  

The Volatility Spillover Effect between China's Real Estate Prices and Money Supply

作　　者：吴江[1] 韩鑫韬[1] 

机构地区：[1]西南财经大学,四川成都610074

出　　处：《财贸研究》2009年第5期109-115,共7页Finance and Trade Research

基　　金：全国统计科学研究计划项目"房地产价格与货币供应量的波动溢出效应"(编号:2008LY078)

摘　　要：基于VAR模型和GARCH模型对中国房地产价格与货币供应量的波动溢出效应进行实证研究,发现货币供应量与房地产价格之间不存在显著的动态相关性,也不存在明显的波动溢出效应,中央银行没有必要用货币政策去直接调控房地产价格。Based on VAR model and GARCH model, this paper empirically studies volatility spillover effect between China＇s real estate pdc^s and money supply, and finds out that there is no significant dynamical correlation and volatility spillover effect between China＇s real estate prices index and money supply,so it is not necessary for the central bank to use monetary policy directly to regulate and control real estate prices.

关 键 词：房屋销售价格指数 货币供应量 波动溢出效应 

分 类 号：F830.31[经济管理—金融学]