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| Title: | 台灣房價、房租與貨幣政策關係之研究
The Effect of Monetary Policy on House Prices and Rental Prices in Taiwan |
| Authors: | 賴婷筠
Lai, Ting-Yun |
| Contributors: | 荒井夏來
Natsuki Arai
賴婷筠
Lai, Ting-Yun |
| Keywords: | 貨幣政策
房屋價格
租金價格
SVAR
局部投射法
Monetary policy
House prices
Rental prices
SVAR
Local projection |
| Date: | 2022 |
| Issue Date: | 2022-08-01 17:04:04 (UTC+8) |
| Abstract: | 本研究使用結構式向量自我回歸模型（SVAR）來認定貨幣政策衝擊，並藉由局部投射法分析在受到貨幣政策衝擊之下，台灣房屋價格與租金價格之變動情形，檢視貨幣政策衝擊對房地產市場所帶來的影響。實證結果顯示房屋價格對於正向貨幣政策衝擊產生顯著的負向反應，而租金價格則出現較不顯著的正向反應。房價與租金對於貨幣政策衝擊出現相反的效果歸因於利率上升對於買房需求的衝擊，導致房屋價格下跌，並帶動租屋需求上升，因而造成租金價格上漲。也正因為貨幣政策衝擊對於租金價格為間接性的影響，因此對於貨幣政策衝擊之反應較不顯著。
This paper applies the structural vector autoregressive (SVAR) model and local projection to analyze the responses of house prices and rental prices in Taiwan to monetary policy shock. Empirical results show that the house prices significantly rise, responding to an accommodative monetary policy shock, while the rental prices modestly fall, though the magnitude is not statistically significant. The opposite impacts on house prices and rental prices are likely due to the change in housing demand---tight monetary policy shock decreases the demand for purchasing a house by raising the cost of financing mortgages. On the other hand, this decrease in house ownership likely shifts demands toward renting homes, which leads to an increase in rental prices. |
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| Description: | 碩士
國立政治大學
國際經營與貿易學系
109351007 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0109351007 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU202201081 |
| Appears in Collections: | [國際經營與貿易學系 ] 學位論文
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