关键词: “总体冲击—传导机制”假说 , FCI , 货币政策工具

Abstract: From the perspective of macro analysis,this paper presents the hypothesis of the relationship between the financial variables and the real estate market,“the overall impactthe transmission mechanism” by constructing financial conditions index of China (including FCI1 containing house prices and FCI2 not containing)This paper empirically analyzes on the relationship between financial conditions index (FCI1 and FCI2) and real estate indexThe empirical results show that house prices can better reflect a countrys financial situation than share prices in the asset marketAmong the financial variables introduced to the financial condition index,the interest rate and house price are the most highly correlated,and the shocks from house price and interest rate would have a permanent impact on total outputThe impacts of real estate climate index,the real estate investment index,and house price index on FCI shock are significant,and there is different performanceSince a significant impact of house on residents wealth,financial condition and macro economy is found,monetary policy should interfere in the real estate market at the proper time and with the right level of intervention,and meantime,attention should be paid to the effective combination of various monetary policy tools

Key words: overall impacttransmission mechanism hypothesis , FCI , monetary policy tools