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《Journal of Finance and Economics》 2010-06
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Heterogeneity in the Response of Regional Housing Markets to Monetary Policies:Analysis on the Provincial Panel Data

WEI Wei1,WANG Hong-wei2(1.Business School,East China University of PoliticalScience and Law,Shanghai 201620,China;2.Shanghai University of Finance and Economics,Shanghai 200433,China)  
Real estate market is a typical regional market.The paper establishes a PVAR(Panel Vector Auto-regression) model,and applies the impulse-response method to measure the dynamic effects of monetary policy tools on eastern,central and western real estate markets.The empirical results are as follows: first,after the shock of quantitative tool,the convergent speeds of real estate prices in eastern and western areas are slower than the one in central areas;second,among eastern,western and central areas,quantitative tool has the most significant effect on the accumulation of real estate price in western areas and interest rate has the most significant effect on the accumulation of real estate price in eastern areas;third,M0 dominates all other monetary policies in both eastern and central real estate markets,and credit is the most powerful tool in western market.
【Fund】: 上海市政府重大决策咨询课题(2009-A-28)
【CateGory Index】: F293.3;F822.0;F224
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