关键词: 货币政策, 房价, 异质性, 结构分化

Abstract: This paper analyzes the heterogeneity effects and transmission mechanism of monetary policy on 295 cities’ housing prices by creatively adopting the dynamic panel model using interaction effects. It is found that the increases of money supply has an obvious heterogeneous effect on housing prices in different cities in China, and money supply is the main external incentive that exacerbates the structural differentiation of urban housing prices in China, but the role of interest rate adjustment is not so obvious. The analysis on transmission mechanism shows that the impact of monetary policy on housing prices is mainly exerted through the land prices on the supply side of market. This paper concludes show that the central bank should take urban housing prices into consideration when formulating the monetary policy, particularly when using the quantitative tools. Moreover, the government should advocate the reform on land market, otherwise it would not be possible to solve the conundrum of structural differentiation of the real estate market in China.

Key words: Monetary Policy, Housing Prices, Heterogeneity, Structural Differentiation