本文基于多層混合效應模型探討了2005—2016年間中國貨幣政策對70個大中城市房價影響的區域性差異。研究發現:貨幣政策對房價影響在一二三線城市組別間、八大綜合經濟區間、省份間、城市間均存在顯著差異;而這一區域性差異在同一省內的各城市間較小。中國房地產市場具有顯著的以省份為主體來吸收貨幣政策影響的特征。

Based on multi-level mixed effect model,this paper explores the regionally heterogeneous effects of monetary policy on the housing prices of 70 large-and medium-sized cities in China from 2005 to 2016.We find significant regional heterogeneity at city development level(tier 1,2,and 3),economic region level,provincial level,and city level.Such regional heterogeneity is negligible only among cities from the same province.The Chinese housing market exhibits a strong provincial trait in terms of absorbing the impact of monetary policies.