| Chinese real estate market was blooming for a long time, but there wassome volatility beside the main trendby monetary policy. More and morepeople invested on real estate, and real estate market was not only a societyissue but also turn to an finance issue. In a short time, it was mainly affectedby monetary policy. This Dissertation analysis monetary policy on houseprice volatility and their interact tunnel. Both theory and quantitativemethod are all discussed in this paper.Monetary policy is passed by intermediate targets and then effect onfinal targets by interactive tunnels. Interactive tunnel of asset price is a keypoint to understand the whole picture, especially house price attracts lots ofeconomist interests.The first hierarchy tunnel is that house price is affected byintermediate targets (rate, credit, macro-prudential). The second hierarchytunnel is that house price volatility affects consume and investment bytreasure effect and balance sheet effect. These two hierarchy tunnels passmonetary policy, affect house price and affected by house price.Monetary policy and house price are endogenous variables. In thisdissertation it is built by vector auto regression model. It is tested byGranger Causality method based on data stable, and is analyzed by impulsechart. It is shown that credit amount is more important rather than lendingrate, and house price volatility take positive effect on consume but noinvestment improvement. |
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