CAJ | 학술논문

货币政策作为调控宏观经济的重要政策手段．它的经济效果需要通过诸多渠道传导来得到体现。国内外学者关于房地产价格对货币政策传导的研究还处于起步阶段．特别是国内的研究还存在着较大的争议。为了进一步检验房地产价格对我国货币政策传导的效果，本文选取2001年3月至2005年12月的月度数据．运用Johansen协整检验、格兰杰因果检验、向量自回归模型（VAR）、脉冲响应函数和预测方差分解检验等多种计量方法，对我国房地产价格传导的货币政策效果进行实证分析，结果表明房地产价格传导我国货币政策存在着阻碍．并没有表现出显著的财富效应和投资效应，利率也不能充分发挥对房地产市场的调节作用．为完善房地产价格对货币政策的传导提供了理论依据。
화폐정책작위조공굉관경제적중요정책수단．타적경제효과수요통과제다거도전도래득도체현。국내외학자관우방지산개격대화폐정책전도적연구환처우기보계단．특별시국내적연구환존재착교대적쟁의。위료진일보검험방지산개격대아국화폐정책전도적효과，본문선취2001년3월지2005년12월적월도수거．운용Johansen협정검험、격란걸인과검험、향량자회귀모형（VAR）、맥충향응함수화예측방차분해검험등다충계량방법，대아국방지산개격전도적화폐정책효과진행실증분석，결과표명방지산개격전도아국화폐정책존재착조애．병몰유표현출현저적재부효응화투자효응，리솔야불능충분발휘대방지산시장적조절작용．위완선방지산개격대화폐정책적전도제공료이론의거。
As the important tool of macro-economic management, monetary policy takes effects through many channels. Up-to-date researches, especially domestic research, on the transmitting effect of real estate price in monetary policy carryout are still in early stage. This article selects monthly data from March, 2001 to Dec., 2005, applies methods including Johansen co-integration test, Granger causality test, vector auto regression （VAR）, impulse response function, and variance decomposition. The result indicates that in our country, real estate price is not an effective channel to carry out monetary policy. The transmission mechanism is absent, and the wealth effect and investment effect of real estate price are not significant. Interest rate cannot play a good regulatory role in real estate market.