中文摘要：

内部经济的非同质性决定了货币政策存在区域效应。无论从房地产需求、房地产供给还是房地产的金融支持来看,房地产市场具有显著的区域性,强化了货币政策在房地产市场的区域效应。本文将房地产供给面分解为四个指标,即土地购置面积、土地开发面积、房地产开发投资额以及施工面积,分别从房地产需求和供给面两个层面考察货币政策在房地产市场的调控效应及其区域差异,结果发现,利率、信贷规模对房地产市场存在显著的区域效应,对中西部地区的抑制效应要普遍小于东部地区,对房地产先行性指标的影响要大于当期指标。因此,只有明晰货币政策区域效应、滞后效应对房地产需求和供给不同的抑制效力,才能建立全面的、具有区域特征的房地产市场评价指标体系。

英文摘要：

Heterogeneity among the internal economy determines the regional effects of monetary policy.In terms of demands,supplies and financial support,real estate market has significant regional effect,which strengthens the regional effect of monetary policy in the real estate market.The paper decomposes the supply side into land purchase area,land development area,real estate development investment and construction area,dwells upon transmission effect and its difference as far as real estate demands and supplies are concerned.The results shows interest rates,credit scale on the real estate market,there are more significant regional effects in the Middle and West region than in the eastern region,and there are more effect in leading indicators than in current leading indicators.Therefore,it is significant to make clear that area effect and a lagging effect exist in supply and demand sides,and we can establish comprehensive evaluation index system with regional characteristics.