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《Mathematics in Practice and Theory》 2013-16
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Dynamic Effect of Monetary Policy on House Price and Volatility——Panel GARCH model based on cointegration relationship

SHEN Min;DENG Xiao-wei;XI Ling;College of Economics and Management,Nanjing University of Aeronautics & Astronautics;College of Science,Nanjing University of Technology;  
Based on the house price and other related data of the five regions,this article establishes a panel mean regression model and panel GARCH model,and investigates the dynamic effect of monetary policy on house price and volatility.Through empirical analysis,this article draws conclusions as follow:Credit control means is effective to control house price yet interest rate means is invalid if property buyers' expectation on market have no change;Early volatility has positive influence on the current volatility in all regions,yet there are great difference among different region.Among them,the volatility of Yangtze River Delta region and Pearl River Delta region is the largest and one of Bohai region is less,the least one is of the middle and western regions.
【Fund】: 2011年教育部人文社科规划项目(11YJA910001)
【CateGory Index】: F224;F822.0;F293.3
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