摘要
根据协整理论建立了向量误差修正模型(VECM),通过格兰杰因果关系检验就货币政策各工具对房地产业投资的影响进行了实证分析。结果表明,货币政策各工具与房地产业投资存在长期均衡关系:银行对房地产业投资的贷款及货币供给可对房地产业投资起到较好的调控效果,但利率发挥的作用不大。
Based on the co-integration theory, the paper built Vector Error Correction Model （VECM） and did the Granger＇s Causality Test, and gave the empirical analysis of the effect of monetary policy tools on the real estate investment. The results are as follows： monetary policy tools have a long-term balanced relationship with real estate investment; bank loan amount to real estate and money supply have good control effect, but the function of the rate is not so good.
出处
《山东工商学院学报》
2007年第5期62-67,共6页
Journal of Shandong Technology and Business University
关键词
房地产投资
货币政策
协整分析
VECM
real estate investment
monetary policy
co-integration analysis
VECM
