货币政策的成本效应研究——来自房地产行业的证据
发布时间：2018-07-16 13:54
【摘要】：本文采用中国22个省及直辖市房地产市场的面板数据,并结合柯布-道格拉斯生产函数,从微观层面验证货币政策的成本效应在房地产行业是否存在及影响程度如何。基于此,本文运用PSTR模型对成本效应进行非线性检验。结果表明,货币政策成本效应在一定程度上影响了房价,货币政策会通过影响房地产的经营成本和土地购置成本,进而对房屋价格产生影响,且影响作用存在非对称性。这是因为,房地产企业可以在不同的利润率状态下采取不同的定价策略,由此导致成本效应对房价的非对称性影响。因此,货币当局在运用货币政策进行房价调控时,不仅需要考虑货币政策的总需求效应,还应关注供给效应的影响,同时还要将具体的经济形势考虑进来,从而避免房价在调控过程中出现不必要的波动。
[Abstract]:Based on the panel data of the real estate market in 22 provinces and municipalities in China and combining with the Cobb-Douglas production function, this paper verifies whether the cost effect of monetary policy exists in the real estate industry and the degree of its influence on the micro level. Based on this, the PSTR model is used to test the cost effect. The results show that the cost effect of monetary policy affects the house price to some extent, and the monetary policy affects the housing price by influencing the real estate operating cost and the land purchase cost, and the effect is asymmetric. This is because real estate companies can adopt different pricing strategies under different profit margins, which leads to the asymmetric impact of cost effect on house prices. Therefore, when using monetary policy to regulate house prices, monetary authorities should not only consider the aggregate demand effect of monetary policy, but also pay attention to the effect of supply effect, and at the same time take into account the specific economic situation. In order to avoid unnecessary fluctuations in the process of regulation and control of housing prices.
【作者单位】： 中国矿业大学管理学院;
【基金】：江苏省哲学社会科学规划基金项目《苏北农村城镇化的金融支持研究》(项目编号:14EYB009)的资助
【分类号】：F822.0
[Abstract]:Based on the panel data of the real estate market in 22 provinces and municipalities in China and combining with the Cobb-Douglas production function, this paper verifies whether the cost effect of monetary policy exists in the real estate industry and the degree of its influence on the micro level. Based on this, the PSTR model is used to test the cost effect. The results show that the cost effect of monetary policy affects the house price to some extent, and the monetary policy affects the housing price by influencing the real estate operating cost and the land purchase cost, and the effect is asymmetric. This is because real estate companies can adopt different pricing strategies under different profit margins, which leads to the asymmetric impact of cost effect on house prices. Therefore, when using monetary policy to regulate house prices, monetary authorities should not only consider the aggregate demand effect of monetary policy, but also pay attention to the effect of supply effect, and at the same time take into account the specific economic situation. In order to avoid unnecessary fluctuations in the process of regulation and control of housing prices.
【作者单位】： 中国矿业大学管理学院;
【基金】：江苏省哲学社会科学规划基金项目《苏北农村城镇化的金融支持研究》(项目编号:14EYB009)的资助
【分类号】：F822.0
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