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1、AbstractRealestateisapillarindustryinvolvedinthenationaleconomyandthepeople'slivelihood.Howtopacifypricefluctuationsandpromotethehealthydevelopmentofrealestateindustryisofimportanttheoreticalsignificanceandpracticalvalue.Astheexperienceofforeignmaturerea
2、lestatemarket,wecanconcludethatthehighermarketizationsuggestsmorestandardizedmarkets,anditismoreeffectivetoregulatethepricebymarket-orientedmeans.AsforChina,asthemicrocosmicbodiesintherealestatemarketgraduallymature,themacroenvironmentimprovescontinuousl
3、yandthemarketizationreacheshighergradually,usingmoremarket-basedmonetarypolicytoolstocontrolpropertypriceswillbethetrendoffuturedevelopment.Firstofall,byanalyzinghowmonetarypolicyaffectstherealeconomy,thisthesissumsupthemainmechanismofmonetarypolicyinflu
4、encingtherealestateprice,whichisalsothetheoreticalbasisofthispaper.Basedonthat,thepaperdiscusseshowmonetarypolicyaffectsrealestatepricesformajoreconomiesindifferentperiods.Takingthedevelopmenthistoryoftherealestateindustryasakeypointandbasedonhowmonetary
5、policyregulatesrealestatepriceandtheeffects,thefollowingthreemodelsareconcluded:Singapore–underthedualstructureofZuhousingandcommercialhousing,itiseffectivetocontrolpricefluctuationbyexchangerate;Japanhasanimbalancedpopulationstructure,soitisofnosignific
6、ancetoeasethepricewithmonetarypolicyafterthebubblebursts;America-themicrobodiestreattheindustrycyclerationallyonthematurerealestatemarket,soafterthebubblebursts,monetarypolicystillcaneffectivelypromotetherecoveryoftherealestateindustry.Bylearningfromthos
7、ecountries,thispaperfurtherstudiesthehowthespecialChinesemonetarypolicyrelatestherealestatemarket,andmakesanempiricalanalysisbasedonthreetheoreticalchannelssuchasinterestrateandmonetarysupplyaswellasexchangeratechannel.Choosingmonthlydataof13yearsfrom200
8、2to2014assamples,thepaperconcludesthatmonetarysupplyissignificantlyassociatedwiththerealestatepricesandtheymovetogether;whileinterestrateandrealestatepricetendtomovetogether,therewasnosignificantcorrelationbetweenthem;thec
