中文摘要：

从理论层面分析了房价、房地产开发投资和通货膨胀三者之间的互动关系,提出假设。结合中国2001年1季度至2008年4季度的季度数据,利用Granger因果检验和VAR模型进行实证研究。结果表明,房价对房地产开发投资和通货膨胀有显著影响;房地产开发投资对通货膨胀和房价的影响较小;通货膨胀对房价没有显著影响,但通货膨胀对房地产开发投资影响较大;房地产开发投资和通货膨胀对房价的影响程度基本相同;房价比通货膨胀对房地产开发投资影响大。

英文摘要：

Based on the theoretical analysis of the interactive relationships among housing prices, investments in real estate development and inflation, a series of assumptions are put forward. And on the basis of Granger causality test and VAR model, empirical studies are developed with China＇ s quarterly data from the first quarter of 2001 to the fourth quarter of 2008. The results indicate that housing prices have significant impact on investments in real estate development and inflation; the influences of investments in real estate development on housing prices and inflation are little; inflation has little effect on housing prices, but has much effect on investments in real estate development; investments in real estate development and inflation almost have the same impact on the housing prices; the effect of housing prices on investments in real estate development is greater than that of inflation.