关键词: 货币政策规则, 住房价格, 动态随机一般均衡模型, 贝叶斯估计

Abstract: With the hiking housing prices, the enforcement of Chinese monetary policy has always attracted the most attention. In this paper, we introduce real estate into a DSGE model to testify whether the housing price is the focus of contemporary monetary policy. Also by stimulation, we compared the efforts of monetary policies between taking housing price into the monetary policy rules and not. The main conclusions of this paper are: the central bank of China had already took housing prices into modified Taylor Rules in the practice during 2003 to 2010; the modified monetary policies containing housing prices fluctuations did well in restraining house price rising but at the cost of persistent inflation and negative deviation of the output and home consumption level; the increase in down payment ratio of housing mortgage can effectively reduce the housing prices in stationary state.

Key words: Monetary Policy Rules, Housing Prices, DSGE, Bayesian Estimation