中文摘要：

本文在分析利率变动对京津冀地区影响的基础上建立VAR模型,利用脉冲响应函数分析了贷款利率的变化对京津冀地区房价的动态影响。结果表明：在短期,降低贷款利率即扩张性货币政策使京津冀地区的房价有一个短暂下降后再上升;在长期,利率变动对房价收入比较高的北京地区房价调整效果明显,但对房价收入比较低的天津、石家庄和唐山地区房价调整作用不明显。因此,利率对京津冀地区房价变动影响的有效性有区域差异性。

英文摘要：

By building the VAR model, the author uses impulse response function to analyze the dynamic effection of interest rate on the price of Beijing-Tianjin-Hebei region＇s real estate market. The result of the demonstration shows in the short term, the expansionary of monetary policy will reduce the real estate price and then increase the price.In the long term, interest rate changes has an obvious effect on Beijing housing prices where the housing-price-to-income ratio is high and not obvious effect on Tianjin、Shijiazhuang and Tangshan where the housing-price-to-income ratio is not so high. Therefore, the interest rate policy＇s affections on Beijing-Tianjin-Hebei region＇s real estate price has regional difference.