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货币政策对房地产市场发展具有非对称效应。基于供给、需求和价格三个视角,构建货币政策对不同类型房地产市场发展的非对称影响模型。运用VEC模型和脉冲响应函数实证分析,结果表明不同类型房地产市场对货币政策的响应存在显著的非对称性。因此对货币政策应实施差别策略,确保房地产市场稳健发展。
Monetary policy has an asymmetric effect on the development of the real estate market. Based on the three perspectives of supply, demand and price, we construct an asymmetric impact model of monetary policy on the development of different types of real estate markets. Using the VEC model and impulse response function empirical analysis, the results show that different types of real estate market response to monetary policy there is a significant asymmetry. Therefore, monetary policy should be implemented in different strategies to ensure the steady development of the real estate market.