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货币政策传导机制是货币政策研究的焦点问题。自1998年实行住房商品化以来,房地产市场的快速发展不但为货币政策提供了新的传导渠道,也使得货币政策的传导机制变得更加复杂,货币政策实施起来难度也逐渐增大。此外,房地产市场供需两旺、房地产投资快速增长等因素造成了房地产价格的非理性上涨。
The monetary policy transmission mechanism is the focus of monetary policy research. Since the commercialization of housing in 1998, the rapid development of the real estate market has not only provided a new transmission channel for monetary policy but also made the conduction mechanism of monetary policy more complicated and the difficulty of implementing monetary policy gradually increased. In addition, the booming supply and demand in the real estate market and the rapid growth of real estate investment have caused the irrational rise of real estate prices.