英语翻译

Since July 3,1998,issued the "on the further deepening of the urban housing system reform,speed up housing construction notice",China's real estate industry rapid development,has gradually become an important industry to increase the domestic demand,pulling GDP growth,in 2012 the State Council issued the notice,have beenestablished as the pillar industry of the national economy.But with the rapid development of the real estate market,real estate prices have soared,the rapid expansion of.Faced with this situation,our government has introduced various policies,but the effect is not very ideal.Aiming at the problem of the development of China's real estate industry and its unique characteristics,combined with theinfluence factors of real estate price and the monetary policy of the central bank,a profound description of the transmission mechanism of monetary policy on real estate price in China,the national commercial housing sale foldas real estate prices,select interest rate,money supply,bank credit and deposit reserve rate as indicators of monetary policy,and in the VAR model based on theempirical analysis of the impact of monetary policy on real estate price in china.In the long run,there is a long-run equilibrium relationship between real estate price and themonetary policy variable,and the reserve volume and thedeposit rate of broad money supply has a positive impact on prices,the real interest rate and bank credit has negative impact on the price of real estate; in the short term,the lagged bank credit to the real estate price has a significant negative impact,lagging behind the broad money supply period have a significant positive impact onreal estate prices,and one period lag deposit reserve ratio on the prices are a positive impact,but the impact is still relatively small.It appears from the impulse response of the results,real estate prices is negative response tointerest rate shocks,the broad money supply shock is a positive response,the deposit reserve rate on real estate prices impact the short term is negative,the long termeffect is positive,the bank credit shocks,the price of real estate a positive response to weak.