货币政策对房地产市场的调控：中、日比较

中国的房地产价格从2003年以来持续快速上涨，政府及中央银行虽然采取了一系列调控政策抑制房价，但房地产泡沫并未显著萎缩。本文通过比较中国与日本泡沫经济时期房地产泡沫的成因、货币政策调控目标、调控工具以及政策时滞的异同，分析了导致中国货币政策低效的主要原因，在汲取日本的教训和经验基础上，结合我国的具体情况，提出了增强货币政策对房地产市场调控效果的政策建议。

Currency policy's adjustment on real estate industry market: comparison between China and Japan

The real estate price in china has been rising continuously and rapidly since 2003. Although the government and the central bank adopted a series of policies to control the price,the real estate bubble has not significantly shrinked. In this paper, through comparing the similarities and differences of the causes of the real estate bubble, the monetary policy goal, tools and the time lag between china and Japan in the bubble economy period, we analyze the main reasons resulting to the low efficiency of Chinese monetary policy . By learning from Japanese lessons and experiences, combining with Chinese specific situations, we provide some recommendations to strengthen the effectiveness of the monetary policy.