| Real estate not only has the properties of the consumer goods but also has the attributes of the asset. Along with the ratio of the real estate investment and the fixed assets investment is bigger and bigger, the development of real estate industry has an influence on the people’s livelihood. As a result, the real estate industry has become a pillar industry of national economy. With the rapid development of our socialist economy, the real estate prices are heating up due to the continuous expansion of the domestic real estate market. Therefore, the problems of over high prices have increased from economy to politics. In order to keep the development of real estate market healthy, macro-control policies are constantly taken to control the real estate prices. As we all know, all countries have been using monetary policy, which is a common and an important method, to regulate the real estate market. The common variables of monetary policy which contain interest rates and money supply, to a certain extent, have an influence on the real estate’s prices. So how to effectively use monetary policy tools in regulating the real estate prices is imminent.This paper analyzes the influence on the real estate prices by the monetary policy transmission in theory aspect and empirical analysis, respectively. From the perspective of theory, monetary policy transmission mechanism affects the real estate prices through the ways such as interest rate, credit. The relevant knowledge of the theory of monetary policy and the existing researches both at home and abroad about real estate prices in the monetary policy transmission are using to explain.Before empirically, this paper analyzes the present situation of Shanghai’s real estate specifically. It is said that in 2000, the real estate price in Shanghai was 3565 Yuan per square meter, and up to 14603 Yuan per square meter in 2011. The trend of real estate price has been on the rise. After the situation, the empirical analysises are used to the effects of regulation of the monetary policy transmission in Shanghai real estate price.In the aspect of empirical analysis, ADF unit root test, cointegration test and the establishment of VAR model are simultaneously to apply in interest rates, money supply and real estate prices to analyze the effect of monetary policy transmission on real estate prices. It is concluded that the influence by the interest rate is not bigger than the influence by money supply on real estate prices. But, in general, the impacts of monetary policy transmission on Shanghai real estate prices are not clearly, which also meet the conclusions in lots of literatures. Finally, the suggestions of the regulation on real estate prices by the monetary policy and the healthy development of the real estate industry are proposed. |
