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Real Estate Prices, CPI and the Growth of Consumer Demand——Based on the Empirical Analysis of VEC Model
Pages: 36-40
Year: Issue:  10
Journal: Xi'an Finance

Keyword:  real estate priceCPIconsumer demandVEC;
Abstract: The paper analyzes the long-run equilibrium relationship among the real estate price, CPI and the growth of consumer demand and Granger causality by using VEC model, deeply studies the influential mechanism of the real estate prices on the consumer demand and CPI by means of impulse response function. The conclusions are that the wealth effect of the real estate prices is bigger than the substitution effect, the real estate price and CPI promote each other, the influences of the rise of the real estate price on CPI are negative first and then become positive., the rise of CPI is not conducive to the expansion of consumer demand, and consumer demand growth has no significant effect on the rise of CPI. Finally, according to the analysis results, the paper puts forward some policy suggestions.
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