• An Empirical Study on the Asymmetric Effect of Monetary Policy to Real Estate Prices in China Based on TARCH Model   [MASS 2012]
  • Author(s)
  • Xiaoqian Chen, Guosong Wang
  • The paper studies on the asymmetric effect of monetary policy to real estate prices in China based on TARCH Model. By broad money supply M2 & the weighted average interest rate of 7 days SHIBOR respectively as proxy variables of monetary policy, the paper concludes that the impact of expansionary monetary policies on the real estate prices is bigger than that of tightening ones.
  • monetary policy, real estate prices, asymmetric effect, TARCH model
  • References
  • [1]
    J. C. Harris, "The Effect of Real Rates of Interest on Housing Prices," The Journal of Real Estate Finance and Economics, Vol. 2, 1989, pp. 47-60.
    A. K. Reichert, "The Impact of Interest Rates, Incomes and Employment upon Regional Housing Prices," The Journal of Real Estate Finance and Economics, Vol. 3, 1990 , PP. 373-391.
    X. R. Yi, "China Real Estate Industry’s Situation, Prospect and Resource," Economic Perspectives, Vol. 7, 2005, pp. 41-44.
    C. He, "The Relationship Research of Housing Price and Money Supply On China’s Macroeconomic Policy," Management World, Vol. 1, 2009, pp. 178-179.
    H. M. Hu, "The Monetary Policy’s Effect on Housing Price," Xiameng University, 2009.
    G. N. Mankiw and R. Ricardo, "Sticky Information versus Sticky Prices: A Proposal to Replace the New Keynesian Philips Curve," NBER Working Paper 82900, 2002.

Engineering Information Institute is the member of/source content provider to