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《China Land Science》 2008-07
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Empirical Study on Interaction between House Price,Interest Rate and Macro-economy in China

HUANG Zhong-hua,WU Ci-fang,DU Xue-jun(College of Public Administration,Zhejiang University,Hangzhou 310029,China)  
The purpose of the paper is to analyze the interaction between house price and macro-economy and to provide reference for coordination between real estate market and macro-economy.Econometric analysis method was employed.The results show:(1)the relationship between house price and macro-economy in China is stable in a long term and unbalanced in a short run;(2)there exists bilateral causality between house price and GDP in China,while the causality between house price and interest rate is insignificant;(3)historical house price and GDP are the main factors to affect house price;(4)historical GDP and house price have the most influence on GDP.It is concluded that:(1)macro-control measures should be taken to correct economic system's disequilibrium;(2)coordination between house price and macro-economy is feasible and necessary,because there exists interaction relationship between house price and GDP;(3)other measures should be taken to control house price,as the influence of interest rate policy on house price is not significant.
【Fund】: 2007—2008年美国林肯土地政策研究院博士论文奖学金项目(c10e005);; 国家重点社会科学基金项目(03AJY003)
【CateGory Index】: F293.3;F124;F224
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