央行货币政策工具调控房地产价格的可行性  

The Feasibility of Regulating Real Estate Price by Using Monetary Policy in China

作　　者：徐淑一[1] 殷明明[1] 陈平[1] 

机构地区：[1]中山大学岭南学院

出　　处：《国际金融研究》2015年第2期35-44,共10页Studies of International Finance

基　　金：国家自然科学基金(20141000041030225);教育部哲学社会科学研究重大课题攻关项目(11JZD022);广东省软科学项目(20151000042020118);中山大学青年教师培育项目(10000-3161146)的资助

摘　　要：本文考察市场利率、房地产价格与货币政策目标变量(产出和物价水平)之间的动态关系,结果表明我国房地产价格符合货币政策中间目标变量选择的相关性准则;通过研究市场利率与央行三大政策工具之间的联动性,确定央行的货币政策工具对房地产价格调控具有可行性。特别的,本文将外汇冲销率,作为三大政策工具之一的公开市场操作的代理变量予以测算,并纳入政策变量的实证研究中。This paper firstly studied the dynamic relationship between and among interest rate, house price and the monetary policy goal variables （output and price level） , thus indicating that house price conforms to the relevance criterion of intermediate target of monetary policy. Then this paper analyzed the co-movement of market rates and monetary policy variables. Such relationship indicates that the house price can be regulated by monetary policy instrument variables. Further, the foreign exchange sterilization rate was calculated and considered as instrument variables.

关 键 词：房地产价格 利率 存款准备金率 外汇冲销率 

分 类 号：F831[经济管理—金融学]