房地产市场变化与通货膨胀传导机制  

The real estate Market and the inflationary transmission mechanism

作　　者：纪敏 王月[2] 

机构地区：[1]北京大学金融信息化研究中心 [2]中央财经大学金融学院

出　　处：《中国货币市场》2011年第8期4-8,共5页China Money

摘　　要：文章分析了房价上涨在通胀形成和传导中的作用,指出房地产等资产价格上涨通过引发通胀预期推高各类生产要素特别是劳动力成本价格,从而对整体价格水平产生成本推动型的上涨压力,其中劳动力等生产要素价格上涨通过加大食品价格波幅和提高其价格中枢水平对通胀水平产生显著影响,因此,抑制物价须管好房价,并充分发挥货币政策的作用。This paper analyzes the role of housing price rises in creating and spreading inflation.The paper points out that the real estate price rise exerts upward pressure on the prices of other production factors,particularly labor.This occurs through the mechanism of inflation expectations,thus creating cost-driven upward pressure on the general price levels.Among these production factors,rising labor cost has a significant impact on inflation by causing greater food price fluctuations and raising the average price of food.Therefore,in order to control prices,housing prices must be managed properly and authorities must bring monetary policy into full play.

关 键 词：房地产价格 通货膨胀 生产要素价格 

分 类 号：F293.3[经济管理—国民经济]