Heterogeneous Responses of Chinese Cities＇ Housing Prices to Monetary Policies

• 作者: 朱晓武 王延颋 闫妍
• 来源期刊: 理论物理通讯：英文版
• 学科: 工学
• 关键词: 中国城市 货币政策 异构 房价 聚类分析方法 价格指数 最小方差 相关系数
• 年，卷（期）: 2011,（10）
• 页码范围: 791-796
• 页数: 6页
• 分类号: TU984|TP393
• 语种: 英文

摘要

This works examine the responses of housing prices to the monetary policies in various Chinese cities. Thirty-five large and medium sized Chinese cities are classified into six clusters applying the minimum variance clustering method according to the calculated correlation coefficients between the housing price indices of every two cities. Time difference correlation analysis is then employed to quantify the relations between the housing price indices of the six clusters and the monetary policies. It is suggested that the housing prices of various cities evolved at different paces and their responses to the monetary policies are heterogeneous, and local economic features are more important than geographic distances in determining the housing price trends.