貨幣政策與房地產(chǎn)價(jià)格外文文獻(xiàn)翻譯最新譯文

1、文獻(xiàn)出處： Geltner D. The study on the relationship between the monetary policy and real estate prices [J]. The Journal of Real Estate Finance and Economics, 2015, 5(3): 522-532. 原文The study on the relationship between the mo

2、netary policy and real estate prices Geltner D Abstract Monetary policy has an important influence on the real economy, monetary policy from the set to play a role affect real economy exists a conduction process, and the

3、 effect of monetary policy is good or not directly depends on whether the conduction process smoothly. As assets related trade, with pure inflation index to measure the rationality of the monetary policy effect was ques

4、tioned, the control effect is more and more attention to asset price reasonable or not. Especially in recent years the real estate industry has developed rapidly in our country, the real estate investment in fixed assets

5、 investment in the country to the rapid growth of the share of the real estate industry plays a decisive role to the development of the economy. Keywords: real estate prices; monetary policy 1 Introduction The transmissi

6、on mechanism of monetary policy as the most important part of monetary policy research field, research is how monetary policy effects on the real economy, to achieve the ultimate goal of policy, exert its function of m

7、acroeconomic adjustment. This transmission mechanism will with the passage of time and the development of the economy changing, in different countries and regions have different transmission path, therefore, according t

8、o different economy we must want to undertake an independent monetary policy transmission mechanism research. Since Keynes established macroeconomic analysis framework, different economic schools according to the differ

9、ent economic conditions put forward their own theory of monetary policy transmission. In general, monetary policy transmission way interest rates, exchange rates, credit and asset price way, etc. With the development of

10、 the economy, despite of the related assets other than monetary assets and wealth can also policy transmission plays an important role. Meltzer, for example, (1995), as a representative of monetarism, he thought that mon

11、etary policy can effectively regulate the real estate price, and the changes in asset prices can have an important impact on output and employment, asset prices play an important role in the transmission mechanism. Mishk

12、in (2001) studies have shown that real estate prices can affect the conduction effect of aggregate demand, but the excessive attention to real estate prices can also affect the effectiveness of monetary policy. American

13、economist Good hart (2000) based on the idea of asset prices would act as a monetary policy, research and analyze data on the United States, to verify whether asset price changes on inflation have expected effect, explor

14、e the monetary policy on asset prices can better achieve the ultimate goal of the central bank. The conclusion is: asset prices (including the real estate price) of the change of related reaction increases the effectiven

15、ess of monetary policy transmission. Ireland (2005) study shows that monetary policy can affect real economy through real estate price conduction of some real variables, such as output and employment. Calza, Monacelli (2

16、007). Research results indicate that the mortgage market and the more developed countries, the relationship of real estate prices and consumption more obvious, so the real estate price conduction effect is stronger. Many

17、 scholars study the effect of monetary policy on the real estate market alone, the portfolio from interest rate, money supply, three ways to analyze monetary policy on real estate price regulation ability. In interest ra

18、tes way of analysis, Andrew (2008) study shows that interest rate changes are the main cause of the real estate price changes. Abraham (2006) by using the model of a considering lag period of house price changes, the c

19、onclusion is: the increase in price and interest rate changes are negative correlation. Aoki (2009) study of Britain's monetary policy impact on real estate market, through the establishment of the VAR model to emp

20、irical conclusion: interest rate changes and the relationship between real estate and consumer durables, when interest rates rise, real estate prices will be reduced. Ho Wong (2010) based on the research of the long-term