Agency monetary policy affects real estate prices in three ways-replays.net


Mechanism of monetary policy from three aspects: the impact of real estate price source: CITICS bond prices of " " two stage theory; control logic of housing market stride forward singing militant songs and monetary policy, prices affecting the people, while the currency prices and the ambiguous relationship " " introducing the dispute. This year, the rapid rise in housing prices, causing concern in the market, and in various topics related to the price, the relationship between money and prices is undoubtedly the most interesting. What is the monetary achievements of the estate, or real estate kidnapped money, seems to have fallen into the philosophical problem of causal reciprocating, and this is not, there is a bigger problem, in which the role of policy, especially monetary policy in the end is the initiator of evil, or you can turn the tide. For these problems, this paper takes the relationship between real estate cycle and monetary cycle based on the dialectical relationship between informative as we detailed money and prices. The specific point of view, real estate due to its unique and important role in the economy, the influence factors of the price is also more complex, based on this, we put forward the theory of prices " " two stage; and through a review of Japan in 90s, the real estate bubble formation and rupture, and to our country since 2008 prices rose three in fact, the currency of housing prices and housing market leverage promoting effect, and further explore the monetary policy on the future path control lever. The " of the house price; the two stage theory " the house property is a kind of special commodity, has the commodity attribute and the financial attribute. Based on this, from the perspective of demand, not only by the real demand, as just need to influence the necessary, it will be affected by monetary policy easing or tightening effect, but also affected by government policies related to the housing market regulation. Just need to determine the long-term trend of housing prices, and monetary policy and the housing market control policies affect the cyclical fluctuations in prices, which is what we want to put forward the price of " two stage theory ". From the point of view of residential demand, the need for housing as the so-called " just need " long term by demographic factors and economic factors. The factor of population, the total population as the base, the age structure of the population affects the existing workforce and new entrants to the labor quantity, and bring the housing or rental demand, while the urbanization brings population to the city flow and spatial aggregation, the city population increases, the increasing density caused by housing demand. The economic factors, the per capita income and income distribution structure, respectively, the impact of long-term purchasing power and the need to purchase the purchasing power of the crowd, as well as the choice to buy a house or rent. Remove the fundamentals just need factors, monetary policy and the government’s housing market regulation policy is the impact of the second logic. In the purchase of housing market regulation policy, the implementation of the credit limit and relax as the core, we had to raise the regulation of the property market "will bring what? In recent years, combing the relevant control measures and direction. The effect of monetary policy on house prices is also essential, as the central bank will be through the use of monetary policy tools to regulate the intermediate target, so as to realize the ultimate goal, so is the role of the central bank monetary policy on house prices. Because of the monetary policy regulation and quantity.相关的主题文章: