| Whether could the real estate price become a monetary policy transmission channel is still in argument in the western world. In our country, the real estate has a close relation with the economy. But whether can the real estate price actually become a monetary policy transmission channel in our country has not been taken much account by both the theorists and the government at present. The reasons of the result are the low-marketization , the not well-developed real estate market, and that the estate has not become the most important, high-liquidity and disposable property of the people as a whole in our country. But in recent years, the real estate industry has developed rapidly, the real estate price will be inevitably take an important role in the monetary policy transmission day after day. This paper is divided into five chapters:The first chapter reviews the main views of the monetary policy transmission in the west, including interest rate channel, currency channel, credit channel, property price channel and exchange rate channel.The second chapter analyzes the complexity of real estate price formation and the means of the macro-control by the analysis of the influence factor, the elasticity of the real estate price and the subjects that can influence the real estate price.The third chapter and the fourth chapter are the cores of the entire article. Through the related data from 2000 to 2005, and the research on the effect that the monetary policy (including interest rate, reserve requirements and money supply) has on the real estate price and the effect that the the real estate price has on the goals of the monetary policy (including price stability and economy growth), finally establishs the existence of a real estate price monetary policy transmission channel in the economic life.The fifth chapter puts forward the related policy proposal in view of the real estate price monetary policy transmission channel. It involves the capital market, the money market, the real estate market, the social security system consummation as well as connection channel through various markets. |
