The effects of a non-traditional monetary policy on housing prices in Taiwan

摘要

The well-known “Quantitative Easing” is a kind of non-traditional monetary policy The United States and Japan are two typical examples that executed non-traditional monetary policies on a large-scale since 2000s This research uses multiple regression analysis to examine the effects of non-traditional monetary policies abroad on housing prices in Taiwan More specifically the research would like to find out whether the mechanism of monetary transmission could successfully transmit the shocks of external monetary policies to internal housing market The dependent variables are Taiwan Cathay housing price index Except for the non-monetary policies in the United States and Japan the independent variables includes the government policy to prevent domestic housing price index from bubbling and several macroeconomic variables such as money supply rediscounting rate national income consumer price index population growth rate and average population age This research also examines Quantitative Easing variables from both qualitative and quantitative aspects In short this research covers three dimensions which are non-traditional monetary policy government policy and macroeconomic variables The empirical result indicates that the four QE factors had inconsistent outcomes Japan QE and US QE1 are significantly negative related with Cathay housing price index and while US QE2 and US QE3 are positive related to the index the results are not significant There is an inconsistent conclusion among non-traditional monetary policy Moreover the government policy is significantly positive related with index It indicates that government policy can’t restrain the increasing housing price index Finally all of the macroeconomic variables match the research expectation except for population growth rate

獎項日期	2014 6月 26
原文	English
監督員	Hsin-Hong Kang (Supervisor)