An empirical analysis of the impact of real estate macro-control policy

A VAR model was formulated to study the policy impact on the supply, demand and price of real estate, and impulse response function and variance decomposition method were used to analyze the time delay, duration and intensity of the impact on real estate supply, demand and price induced by micro-control policy. The study indicates: 1 for impact on real estate supply, land supply is the most important factor, the second important factor is the interest rate, while money supply has little impact; 2 for real estate demand, all the three policies have little impact; 3 for real estate price, land supply is the most important, and the other two have little impact. As a result, the recent key problem of real estate macro-control is land supply, thus the government should properly increase land supply.