CAJ | 학술논문

以货币政策在时间维度上存在的非对称性质作为研究的切入点，针对货币政策对房地产市场产生的时间非对称效应，利用CARCH模型进行实证分析，考察货币政策对房地产市场的非对称影响。实证结果表明，货币政策对房地产市场存在非对称效应，即存在关于经济周期、传导渠道、政策取向三个方面的非对称形式。
이화폐정책재시간유도상존재적비대칭성질작위연구적절입점，침대화폐정책대방지산시장산생적시간비대칭효응，이용CARCH모형진행실증분석，고찰화폐정책대방지산시장적비대칭영향。실증결과표명，화폐정책대방지산시장존재비대칭효응，즉존재관우경제주기、전도거도、정책취향삼개방면적비대칭형식。
This paper studies asymmetric property of monetary policy in the time dimension as the research starting point, in view of three aspects of the time asymmetric effect on the real estate market, investigates asymmetric effects of real estate market by monetary policy, using the empirical analysis method of CARCH model. The empirical results show that the mone-tary policy exists asymmetric effects on the real estate market, there are three asymmetric form of economic cycle, conduction channel and policy orientation.