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本文实证分析了两种区制即低迷期和扩张期,货币政策冲击对房地产价格的不同影响:在房地产市场处于低迷期时,货币供应量的变动并不会立即影响房地产价格,存在一定的时滞,而在房地产市场扩张期,货币供应量的变动会迅速影响到房价;金融机构中长期信贷规模的提高不会显著推高房价;提高利率则会使房地产价格迅速下跌,并会带来持续的影响。
This paper empirically analyzes the different impacts of two kinds of zoning: the downturn and the expansion, and the impact of monetary policy on real estate prices. When the real estate market is in a downturn, the change of the money supply will not immediately affect the real estate prices. However, in the real estate market expansion period, changes in the money supply will rapidly affect the housing prices. The increase in the medium-term and long-term credit rating of financial institutions will not significantly push up housing prices. Raising the interest rate will result in a rapid drop in real estate prices and a sustained Impact.