簡介：PROCEDIAECONOMICSANDFINANCE3220151442–145222125671?2015THEAUTHORSPUBLISHEDBYELSEVIERBVTHISISANOPENACCESSARTICLEUNDERTHECCBYNCNDLICENSEHTTP//CREATIVECOMMONSORG/LICENSES/BYNCND/40/SELECTIONANDPEERREVIEWUNDERRESPONSIBILITYOFASOCIATIAGRUPULROMANDECERCETARIINFINANTECORPORATISTEDOI101016/S2212567115015208SCIENCEDIRECTAVAILABLEONLINEATWWWSCIENCEDIRECTCOMEMERGINGMARKETSQUERIESINFINANCEANDBUSINESSSOMECONSIDERATIONSREGARDINGTHEINTERNATIONALREALESTATEMARKET–PRESENTANDFUTUREPREDICTIONSIONANGHELA,,ANCAMARIAHRISTEAAATHEBUCHARESTUNIVERSITYOFECONOMICSTUDIES,6PIATAROMANA,1ST,010374,ROMANIAABSTRACTTHEPURPOSEOFTHISPAPERISTOANALYZETHESITUATIONOFTHEREALESTATEMARKETWORLDWIDE,TOIDENTIFYTHEMAINCHARACTERISTICSTHATINFLUENCETHEDECISIONTOINVEST,TOFINDTHECORRELATIONBETWEENTHEREALESTATEMARKETANDTHEFINANCIALONEANDTOPRESENTTHEMOSTRECENTESTIMATIONSREGARDINGTHEFUTUREEVOLUTIONOFTHEINTERNATIONALREALESTATEMARKETTHEFINANCIALCRISISTHATBEGANINTHESECONDHALFOFTHELASTDECADECREATEDIMBALANCESINALLTHEFIELDSOFTHEECONOMICANDSOCIALLIFEANDPROVOKEDVERYINTERESTINGMUTATIONSTHEINTERNATIONALREALESTATEMARKEDWASCONFRONTEDWITHIMPORTANTCHANGESOFRHYTHM,ASDIMENSIONSANDSTRUCTURES,ASWELLASINTERVENTIONLEVERSSOMEEFFECTSOFTHEGENERALIZEDECONOMICCRISISSUCHASTHEGROWTHOFTHEUNEMPLOYMENTRATE,THEREDUCTIONOFTHEPURCHASINGPOWERORTHEINTENSIFICATIONOFTHEMIGRATIONPROCESSOFTHEACTIVEPOPULATIONHAVEDEEPENTHEGAPSBETWEENTHERHYTHMSOFTHEDYNAMICSOFTHEREALESTATEINVESTMENTSATANATIONALLEVELANDTHEYLEDTOTHEMOSTUNEXPECTEDDECISIONSINTHELASTSEVERALYEARS,THEIMBALANCESBETWEENTHEFINANCIALMARKETANDTHEMONETARYMARKETGENERATEDINSTABILITIESATAWORLDSCALEANDSPECULATIVEPOLICIES,THATINSOMECOUNTRIESACCENTUATEDTHEUNCERTAINTIESANDTHEYDELAYEDTHESTARTTOWARDSECONOMICREVIVAL,ANDINOTHERCOUNTRIESTHEYCONSTITUTEDSTRONGPOINTSINREDEFININGFUTURESTRATEGIESFORDEVELOPMENTFROMAGEOGRAPHICALPOINTOFVIEW,THENEWMAPOFTHEREALESTATEMARKETSWILLOFFERACOMPLETELYDIFFERENTFROMTHEONETHATEXISTEDUNTIL2007ANEWGENERATIONOF“ASIANTIGERS”LOOKSTODOMINATETHEREALESTATEMARKETANDCOUNTRIESLIKEQATAR,CHILEORINDIAWILLDEFINETHEMSELVESASAREAOFMAXIMUMINTERESTFORTHEREALESTATEINVESTORS?2015PUBLISHEDBYELSEVIERLTDSELECTIONANDPEERREVIEWUNDERRESPONSIBILITYOFEMERGINGMARKETSQUERIESINFINANCEANDBUSINESSLOCALORGANIZATIONKEYWORDSREALESTATEMARKET,INVESTMENTPROPERTY,PRICE,TRANSACTION,VALUECORRESPONDINGAUTHORTEL40213191900EMAILADDRESSIONANGHELCIGASERO?2015THEAUTHORSPUBLISHEDBYELSEVIERBVTHISISANOPENACCESSARTICLEUNDERTHECCBYNCNDLICENSEHTTP//CREATIVECOMMONSORG/LICENSES/BYNCND/40/SELECTIONANDPEERREVIEWUNDERRESPONSIBILITYOFASOCIATIAGRUPULROMANDECERCETARIINFINANTECORPORATISTE1444IONANGHELANDANCAMARIAHRISTEA/PROCEDIAECONOMICSANDFINANCE3220151442–1452GLOBALAPPROACHOFDEVELOPMENTONSUSTAINABLECRITERIANAPPICHOULETI,2009THESPATIALCONSTRAINT,THEOVERCROWDINGNOTICEDINTHELASTFEWYEARSINCERTAINAREASOFTHEGLOBE,LEDTOTHECHANGINGOFTHEVISIONONREGIONALREALESTATEINVESTMENTSASWELLASONTHECONCEPTUALAREASOFAPPROACHINGBUSINESSESTHEMAINIMPLICATIONSREFERTOTHECHOOSINGOFTHEBUILDINGMATERIALS,THEBUILDINGPROCESSANDTHEEXTENSIONOFTHEBUILDINGS’ENDURANCETOLLERETAL,2013ANOTHERCHARACTERISTICOFTHEREALESTATEMARKETINTHELASTFEWYEARSISREPRESENTEDBYTHEINVESTMENTSININTERNATIONALPROPERTIES,AMONGTHEREASONSISBEINGMENTIONEDTHEBETTERFLOWTHANINTHECASEOFTHEASSETSFROMTHEINTERNALMARKETS2FUNDAMENTALCHARACTERISTICSOFTHEREALESTATEMARKETNOMATTERTHEGEOGRAPHICALCOORDINATESANDITSTYPERESIDENTIAL,COMMERCIAL,INDUSTRIAL,ANDAGRICULTURALORWITHSPECIALCHARACTER,THEREALESTATEMARKETDIFFERENTIATESITSELFFROMALLTHEOTHERCATEGORIESOFMARKETSOFPRODUCTSORSERVICESDUETOITSCOMPLEXITYANDITSPECULIARITIESANGHELI,2013ITISAMATERIALMARKETINWHICHEACHPRODUCTISUNIQUEANDPLACEDONAFIXEDLOCATIONITADDRESSESANARROWSEGMENTOFCUSTOMERS,BECAUSETHESALESANDPURCHASES’NUMBERWITHINTHELIMITSOFATIMEANDSPATIALFRAMEISLIMITEDTHEREALESTATEMARKETISVERYSENSITIVETOTHEFLUCTUATIONSOFTHEECONOMICSOCIALPHENOMENATHEUNEMPLOYMENTEVOLUTION,THERISINGOFTHESALARIES,FINANCIALSTABILITY,DEMOGRAPHICDIMENSIONETCBECAUSETHEVALUEOFTHEREALESTATEPROPERTIESISBIGANDITNEEDSAHIGHPURCHASEPOWERTHESELLINGPURCHASEDECISIONSDEPENDINAGREATMEASUREOFTHEFINANCINGMODALITIESTHATARECHOSEN,BYTHEVALUEOFTHECREDITTHATCANBEOBTAINED,BYTHELENDINGCONDITIONSTHEVALUEOFTHEADVANCEMONEY,THEINTERESTS’RATE,THEDURATIONOFREIMBURSEMENT,THEREQUIREDWARRANTIESETCBETWEENTHESUPPLYANDDEMANDITTENDSTOBEAPERMANENTIMBALANCEBECAUSETHEBIGDURATIONOFEXECUTIONOFTHEREALESTATEPRODUCTSANDTHEOBTAININGOFTHEFINANCINGDOESNOTOFFERWARRANTIESANDCERTITUDESONTHEMOMENTOFTHETRANSACTIONUNLIKEOTHERMARKETS,THEREALESTATEONEDOESNOTSELFREGULARIZE,BUTITISSTRONGLYREGULARIZEDTHROUGHTHESTATE’SANDLOCALAUTHORITIES’INTERVENTIONTHROUGHITSNATURETHEDEGREEOFINFORMATIONOFTHEBUYERSANDSELLERSREGARDINGTHEOFFERPRICEORPASTTRANSACTIONSWITHSIMILARPROPERTIESISREDUCEDBECAUSETHEDATAARENOTAVAILABLEIMMEDIATELYTHEREALESTATEMARKETDOESNOTINCLUDESTANDARDIZEDPRODUCTS,ANDTHISISTHEREASONWHYTHEBEHAVIOROFTHECUSTOMERSCANNOTBEANTICIPATEDINTHEREALESTATEFIELDTHEVOLATILITYOFTHEDEMANDISBIG,BECAUSETHERECANBEIMPORTANTCHANGESINTHESTRUCTUREANDTHESIZEOFTHEPOPULATIONTHEREALESTATEMARKETPRESENTSASMALLDEGREEOFLIQUIDITYTHEREALESTATEPROPERTIESAREDURABLEPRODUCTS,THATCANBETRANSACTEDATBIGTIMEINTERVALS,BECAUSETHEYHAVEHIGHVALUESANDTHEFINANCINGCANNOTBEOBTAINEDIMMEDIATELYHRISTEA,2013AFUNDAMENTALCHARACTERISTICOFTHEREALESTATEMARKETISTHEMAJORIMPACTTHATTHEPSYCHOLOGICFACTORHASONTHERAPIDANDBRUTALMOVEMENTOFPRICESINONEOFHISINTERVIEWSROBERTSHILLER,AYALEUNIVERSITYPROFESSOR,SAIDTHATINTHEREALESTATETHEPERCEPTIONOFTHEREALESTATEPROPERTIESASANINVESTMENTDETERMINESCYCLESWITHASPECULATIVECHARACTERSHILLER,2012THEREALESTATEMARKETISDOMINATEDBYIRRATIONALEXUBERANCEANDINCONSEQUENCEITISAVERYRISKYSECTORFROMTHISPOINTOFVIEWTHEREALESTATEMARKETFROMROMANIACANBECOMPAREDWITHTHEDEVELOPMENTOFAWILDANIMALYOUDON’TKNOWWHATITISGOINGTODOFROMONEMINUTETOANOTHERGHEORGHIU,2013THEPERMANENTANALYSISOFTHEMARKETISTHEBASEFORTHEDETERMINATIONOFTHEBESTUTILIZATIONOFAPROPERTYANEXISTINGCONSTRUCTIONORACONSTRUCTIONTHATISMADEFORACERTAINUTILIZATIONCANBEACCEPTED,DEPENDINGONTHECRITERIAOFTHEFINANCIALFEASIBILITYANDOFTHEMAXIMUMFLOW,ONLYAFTERITHASBEENPROVENTHATTHEREISANADEQUATECONFIRMATIONONTHEMARKETFORTHEEXISTENCEOFTHATUTILIZATIONIROVAL,

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EALESTATEMARKETAREMAINLYOVERCONFIDENCEINONESOWNJUDGMENTOFTHESITUATIONANDBASINGONESDECISIONSONTHEBEHAVIORSOFOTHERMARKETPARTICIPANTSHERDBEHAVIORALONGWITHTHESIMULTANEOUSASPIRATIONTO100120140160180200220240012000072000012001072001012002072002012003072003012004072004012005072005012006072006012007072007012008072008UNAUTHENTICATEDDOWNLOADDATE|3/11/18757AM

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簡介：QUALQUANT2013472049–2063DOI101007/S1113501196418TQMPRACTICEINREALESTATEINDUSTRYUSINGAHPPSANJAYSARATHYRECEIVED4AUGUST2011/ACCEPTED7NOVEMBER2011/PUBLISHEDONLINE8FEBRUARY2012?SPRINGERSCIENCEBUSINESSMEDIABV2012ABSTRACTTOTALQUALITYMANAGEMENTTQMHASBEENRECOGNIZEDASASUCCESSFULMANAGEMENTPHILOSOPHYTHATCANBESUCCESSFULLYPRACTICEDINTHEREALESTATEINDUSTRYTHEPURPOSEOFTHISRESEARCHISTODETERMINETHEIMPORTANTFACTORSTHATINFLUENCETHETQMPRACTICEINREALESTATEINDUSTRYTHERESEARCHMETHODSEMPLOYEDINCLUDEDALITERATUREREVIEW,INDEPTHINTERVIEWSANDFOCUSGROUPTECHNIQUESWHICHWEREUSEDASAFIRSTTOIDENTIFYTENCONSTRUCTSOFTQMINORGANIZATIONSTHATISTOPMANAGEMENTCOMMITMENT,CUSTOMERFOCUS,BENCHMARKING,CONTINUOUSIMPROVEMENT,SUPPLIERQUALITYMANAGEMENT,PRODUCTINNOVATION,PRODUCTQUALITY,EMPLOYEE’SINVOLVEMENT,REWARDSANDRECOGNITION,EDUCATIONALANDTRAININGTHEAHPQUESTIONNAIRESWERESENTAS142ORGANIZATIONSOFMEMBERSOFTHECONFEDERATIONOFREALESTATEDEVELOPERS’ASSOCIATIONSOFINDIA,INTHEMETROCITYOFBANGALORE,CHENNAI,KOLKATAANDMUMBAITHESAMPLINGPROCEDURERESULTEDINANOVERALLRESPONSERATEOF51ANDTHERESULTWASCATEGORIZEDBASEDONORGANIZATIONSIZESMALL,MEDIUMANDLARGETHEN,THEEMPIRICALSTUDYADOPTEDTHETECHNIQUESOFTHEANALYTICHIERARCHYPROCESSTOSOLICITOPINIONSFROM72EXPERTOPINIONCOLLECTEDTHROUGHMAILQUESTIONNAIRETHERESULTSSHOWTHATEMPLOYEEINVOLVEMENT,TOPMANAGEMENTCOMMITMENT,EMPLOYEECUSTOMERFOCUS,PLAYSVERYIMPORTANTROLEFORTQMPRACTICEINORGANIZATIONSTHERESULTSSHOWTHATTHEEMPLOYEE’SINVOLVEMENTISMOSTIMPORTANTTOTQMPRACTICEININDIATHISISNOTDIFFICULTTOUNDERSTAND,SINCETHELESSTHANDESIRABLERECORDOFREALESTATEINDUSTRYTHEREFORE,THEKEYTOASUCCESSFULSTRATEGYISTOREBUILDTHECONFIDENCEOFTQMPRACTICEINREALESTATEINDUSTRYKEYWORDSTQMREALESTATEAHP1INTRODUCTIONQUALITYMANAGEMENTHASBEENRECOGNIZEDANDASANIMPORTANTAREAININDIANREALESTATEINDUSTRYQUALITYHOLDSTHEKEYTOCOMPETITIVENESSINTODAY’SGLOBALMARKET,REGARDLESSOFTHESIZEPSSARATHYBXLRI,SCHOOLOFBUSINESSSANJAYSARATHYYAHOOCOM123TQMPRACTICEINREALESTATEINDUSTRYUSINGAHP2051HARRINGTON1997MENTIONEDTHATTHEQUALITYPRACTICESBEINGRECOMMENDEDBYTHEQUALITYPROFESSIONALSHADBEENACCEPTEDBASEDONGUTFEELINGSHEFURTHERSAIDTHATTHEREISNOTASTATISTICALLYSOUNDDATABASEBYWHICHONECANVERIFYTHEIMPACTOFVARIOUSFACTORSONAORGANIZATION’SPERFORMANCEMOHANTY1997PROPOSEDARESEARCHAGENDAINTHEFIELDOFTQM,WHICHACCORDINGTOHIMISTOARRIVEATANINTEGRATIONOFSTRUCTUREANDPROCESSES,THEORYANDEMPIRICISM,TOPDOWNANDBOTTOMUP,MANAGEMENTMETHODSANDENGINEERINGTECHNOLOGYSARAPHETAL1989MADETHEMOSTREMARKABLEATTEMPTTODEVELOPANINSTRUMENTFORMEASURINGTHECRITICALFACTORSOFQUALITYMANAGEMENTBENSON1991PROPOSEDASYSTEMSTRUCTURALMODELOFQUALITYMANAGEMENT,ANDINFACTFIRSTUSEDTHEORGANIZATIONTHEORYTOEXPLAINTHEFUNDAMENTALSOFQUALITYMANAGEMENTFLYNNETAL1994OPINEDTHATVERYLITTLEEMPIRICALRESEARCHFOCUSESSPECIFICATIONONQUALITYMANAGEMENTPRACTICES,DESPITETHEPREVALENCEOFTHISTOPICINTHEDESCRIPTIVELITERATURETHEYHAVEESTABLISHEDAVERYCOMPREHENSIVERELATIONSHIPOFQUALITYMANAGEMENTTODIMENSIONSOFWORLDCLASSMANUFACTURINGBOHORIS1995MADEACOMPARATIVEASSESSMENTOFSOMEMAJORQUALITYAWARDSANDREMARKEDTHATITISVERYDIFFICULTTODEFINEATOTALQUALITYORGANIZATIONMOHANTY1996PRESENTEDACOMPARATIVESTUDYBETWEENSCIENTIFICMANAGEMENT,SOCIOTECHNOLOGICALSYSTEMSAPPROACHANDTQMBYBRINGINGOUTTHEFUNDAMENTALASSUMPTIONS,PRACTICALIMPLICATIONS,POTENTIALITIESANDLIMITATIONSOFTHESEAPPROACHESTHECOMMONALITYINIDEOLOGYANDTHEDISTINCTIVEIDENTITYOFEACHAPPROACHHAVEBEENDISCUSSEDINTHISRESEARCHPAPERLAM1996CONDUCTEDARESEARCHSTUDYINHONGKONGBASEDORGANIZATIONSANDTHERESULTSOFTHISRESEARCHSUGGESTTHATDIFFERENTORGANIZATIONSHAVEADOPTEDDIFFERENTOBJECTIVESWHILECARRYINGOUTTQMTHEQUALITYOFTHESURVEYINSTRUMENTSUSEDINDIFFERENTSTUDIESVARIESCONSIDERABLYTHEMAJORITYOFTHEPAPERSHAVENOEXPLICITDISCUSSIONOFRELIABILITYANDVALIDITYOFTHEINSTRUMENTSMOHANTY1995HASPRESENTEDANUMBEROFINDIANEXAMPLESWHERETQMHASBEENIMPLEMENTEDHEHASIDENTIFIEDTHEREASONSFORTHERELATIVESUCCESS/FAILUREOFMANYTQMPROGRAMMESTODAY,MOSTLEADINGINDIANREALESTATEORGANIZATIONSAREMAKINGEFFORTSTOINTEGRATETHEIRBUSINESSESWITHTHEGLOBALECONOMYTHISINTEGRATIONREQUIRESANINSIDEINCULTURALTRANSFORMATIONASARESULT,MANYCORPORATIONSAREACCEPTINGTQMASASTRATEGICMANAGEMENTAPPROACHFORGROWTHANDSURVIVALTHEREFORE,THISRESEARCHISANATTEMPTTOIDENTIFYTHESETOFIMPORTANTCONSTRUCTSTHATCANINFLUENCETQMPRACTICEININDIANREALESTATEINDUSTRYANDAIMSATCARRYINGFORWARDTHEDISCUSSIONSONEMPIRICALRESEARCHINTHEEVOLUTIONARYFIELDOFTQM22INDIANREALESTATEINDUSTRYREALESTATEPERFORMANCEISSUESCONTINUEDSTRONGGROWTHINTHEINDIANECONOMY,DEREGULATIONOFTHEINDIANCAPITALMARKETSSINCE2004,ANDLESSRESTRICTIVEGUIDELINESFORFOREIGNDIRECTINVESTMENTINREALESTATEININDIASINCEFEBRUARY2005HAVESEENSIGNIFICANTIMPROVEMENTSINTHEREALESTATEENVIRONMENTININDIA,FORBOTHLOCALANDINTERNATIONALPLAYERSTHISHASTAKENONINCREASEDIMPORTANCEASINDIASIGNIFICANTLYEXPANDSITSECONOMICGROWTHTOPOTENTIALLYBETHEWORLD’STHIRDLARGESTECONOMYBY2020,ANDINTERNATIONALREALESTATEINVESTORSSEEKGLOBALINVESTMENTOPPORTUNITIES,PARTICULARLY,INTHEEMERGINGASIANREALESTATEMARKETSWITHNEWDELHIASTHEPOLITICALCENTER,MUMBAIASTHEFINANCIALCENTER,ANDBANGALOREASTHEITCENTERININDIA,ARECITIESTHEMAINCONTRIBUTORSTOTHEREALESTATEMARKETININDIA123

簡介：ORIGINALPAPERMONETARYPOLICYANDREALESTATEPRICESADISAGGREGATEDANALYSISFORSWITZERLANDMICHAELBERLEMANNASSENMACHERWESCHEANDGERLACH2010ORGOODHARTANDHOFMANN2008,TOTHEBESTOFOURKNOWLEDGENOSTUDYHASYETFOCUSEDEXCLUSIVELYONSWITZERLANDTHEPAPERISSTRUCTUREDASFOLLOWSTHESECONDSECTIONREVIEWSTHEALREADYEXISTINGEMPIRICALLITERATUREONTHEEFFECTSOFMONETARYPOLICYONSTOCKANDREALESTATEMARKETSSECTIONS3AND4DELIVERBRIEFDESCRIPTIONSOFSWITZERLAND’SREALESTATEMARKETANDSWISSNATIONALBANK’SMONETARYPOLICYAFTERPRESENTINGTHEEMPLOYEDDATASETANDTHEESTIMATIONAPPROACHINSECTION5WEPRESENTTHEBENCHMARKMODELINCLUDINGANAGGREGATEMEASUREOFTHESWISSREALESTATEMARKETINSECTION6SECTION7DELIVERSADISAGGREGATEDANALYSISOFFIVEREALESTATESUBSEGMENTSINAJOINTVARESTIMATIONWHILESECTION8DELIVERSSOMEROBUSTNESSTESTSASUSUAL,THEPAPERCLOSESWITHASUMMARYOFTHEMAINFINDINGSANDSOMECONCLUSIONS2BRIEFREVIEWOFTHEEMPIRICALLITERATURETHEEMPIRICALLITERATUREONTHEINFLUENCEOFMONETARYPOLICYONASSETPRICESHASGROWNSIGNIFICANTLYOVERTHELASTDECADEFROMAMETHODOLOGICALPOINTOFVIEW,THISLITERATUREISDOMINATEDBYVECTORAUTOREGRESSIVEMODELSSTUDYINGTHEINTERACTIONOFINDICATORSOFTHECURRENTSTANCEOFMONETARYPOLICY,VARIOUSMACROECONOMICVARIABLESEGINFLATION,OUTPUTORUNEMPLOYMENTANDASSETPRICESTHEPREDOMINANCEOFTHEVARAPPROACHMIGHTBEATTRIBUTEDTOTHEFACTTHATVARSARECAPABLEOFDEALINGWITHPOSSIBLEENDOGENEITYPROBLEMSINANADEQUATEWAYDREGERANDWOLTERS2009ATHEEMPIRICALLITERATURETACKLESTHEQUESTIONINHOWFARMONETARYPOLICYHASANINFLUENCEONASSETPRICESINTWODIFFERENTWAYSAFIRSTSTRANDOFTHELITERATURESTUDIESINHOWFARAGGREGATELIQUIDITYAFFECTSASSETPRICESSEEEGBAKSANDKRAMER1999RüFFERANDSTRACCA2006GREIBERANDSETZER2007ROFFIAANDZAGHINI2007ADALIDANDDETKEN2007GIESEANDTUXEN2007BELKEETAL2008A,2010GOODHARTANDHOFMANN2008ORDREGERANDWOLTERS2009BHOWEVER,WHILEAGGREGATELIQUIDITYISMONETARYPOLICYANDREALESTATEPRICES471

簡介：1中文中文11900字，字，8000英文單詞，英文單詞，4萬英文字符萬英文字符中文譯名貨幣政策與房地產(chǎn)價格對瑞士的分類分析外文原文名MONETARYPOLICYANDREALESTATEPRICESADISAGGREGATEDANALYSISFORSWITZERLAND外文原文版出處出版社SPRINGERVERLAG出版時間2013期刊刊名INTECONECONPOLICY201310469–490刊號DOI101007/S1036801202227刊期1021于風險資產(chǎn)的財富量做出反應。擁有對資產(chǎn)價格系統(tǒng)及可預期的影響，這是使一項貨幣政策成為保證金融穩(wěn)定的政策的最重要要求。許多研究都在實證層面討論了此問題。雖然在不同時期和國家之間結(jié)果有一些不同，但我們可以得到結(jié)論股票市場大致不受貨幣政策影響，但是房地產(chǎn)市場傾向于對中央銀行政策工具做出反應。然而由于過去的研究僅僅局限于房價這一部分，房地產(chǎn)市場的實證研究比較局限。在這篇文章中我們將力求彌補這一實證研究的缺口，并且對房地產(chǎn)市場不同的部分（并且包括整個房地產(chǎn)市場）對貨幣政策的影響進行了分解分析。我們運用瑞士最新數(shù)據(jù)庫估計了向量自回歸模型，并用其研究房屋與公寓價格，住房出租價格以及商業(yè)房地產(chǎn)市場的各個細分對利率沖擊的反應。瑞士是研究的合適對象，因為它擁有許多歐洲國家所共有的特點，包括高度發(fā)展的房地產(chǎn)市場和對其貨幣政策的完全控制。對外國投資者來說，瑞士的房地產(chǎn)市場也是富有吸引力的。原來對外國人投資房地產(chǎn)市場的限制現(xiàn)在已經(jīng)放松了許多。不僅如此，盡管現(xiàn)在有關(guān)于許多其他國家的研究，關(guān)于瑞士貨幣政策對資產(chǎn)價格的影響的實證研究卻還沒有。盡管瑞士時不時地被全球VAR估計所包括，但是據(jù)我們所知沒有專門針對瑞士的研究。這篇文章的結(jié)構(gòu)如下第二節(jié)回顧以往有關(guān)貨幣政策對房地產(chǎn)市場的影響的研究。第三四節(jié)簡單地描述一下瑞士的房地產(chǎn)市場以及瑞士國家銀行的貨幣政策。在第五節(jié)我們描述所使用的數(shù)據(jù)和漸進估計，接著在第六節(jié)我們展示了包括總量指標的瑞士房地產(chǎn)市場的基準模型。第七節(jié)我們使用聯(lián)合VAR估計對房地產(chǎn)市場的五個部分進行分解分析。第八節(jié)我們進行了穩(wěn)健性檢驗。像往常一樣，這篇文章以對主要發(fā)現(xiàn)的總結(jié)和結(jié)論作為結(jié)束。2對實證文獻的簡要回顧在過去的幾十年里，有關(guān)貨幣政策對房地產(chǎn)市場的影響的實證分析的文獻數(shù)量顯著增長。從方法論的觀點來看，這些文獻主要使用向量自回歸模型來研究貨幣政策立場指示器等多種宏觀經(jīng)濟變量與資產(chǎn)價格之間的關(guān)系（如通貨膨脹，產(chǎn)出或就業(yè)）。VAR方法的優(yōu)勢可能歸因于以下事實VAR能夠以適當?shù)姆绞教幚砜赡艿膬?nèi)生性問題。實證文獻解決了貨幣政策對資產(chǎn)價格有多大影響的問題。第一類文獻研究總流動性對資產(chǎn)價格的影響有多大（見BAKS和KRAMER1999RüFFER和STRACCA2006GREIBER和SETZER2007ROFFIA和ZAGHINI2007ADALID和DETKEN2007GIESE和TUXEN2007BELKEETAL。2008A，2010GOODHART和HOFMANN2008或DREGER和WOLTERS2009B）。然而，雖然總流動性受貨幣政策決策的影響，但它很明顯不是完全受中央銀行控制。第二類文獻研究了中央銀行的利率政策和資產(chǎn)價格之間的關(guān)系，并且因此更直接地關(guān)注貨幣當局對資產(chǎn)市場施加的影響。因為我們的目標是研究中央銀行可以在多大程度上影響資產(chǎn)市場，我們在下一段簡要回顧中集中探討第二類文獻。RUFFER和STRACCA（2006）構(gòu)建了一個包括居住和商業(yè)地產(chǎn)價格和股票的總體資產(chǎn)指數(shù)。在研究利率波動對總資產(chǎn)指數(shù)的影響時，他們發(fā)現(xiàn)了前者對后者有顯著的負影響。還有很多專門針對房屋價格的研究。GIULIODORI（2005）計算了九個經(jīng)濟合作發(fā)展組織國家的VAR，并且發(fā)現(xiàn)了利率沖擊對房屋價格有顯著的影響。DEMARY（2009）在對十

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