Study on the Mechanisms through which Macroeconomic Policies Affect Real Estate Market Price Volatility

Abstract

This study analyzes how macroeconomic policy tools such as monetary policy, fiscal policy, and tax policy affect the real estate market through various channels. The study finds that monetary policy influences real estate demand and, consequently, price fluctuations by adjusting interest rates and credit supply. Fiscal policy, through government spending, tax incentives, and housing subsidies, adjusts market demand and supply, thereby impacting price volatility. Tax policies, particularly property taxes and land taxes, exert a profound influence on the real estate market by altering market expectations and investor behavior. By constructing a theoretical framework and analyzing policy mechanisms, this research uncovers the complex relationship between macroeconomic policies and real estate market price fluctuations and provides relevant policy recommendations. The study concludes that the effectiveness of these policies depends on their timeliness, coordination, and the execution capacity of local governments. Finally, the paper looks forward to future research directions, particularly in the areas of diversified policy combinations, market expectation management, and the application of digital technologies.