MACROPRUDENTIAL POLICY, HOUSE PRICE FLUCTUATION AND HOUSEHOLD CONSUMPTION

House purchasing has become an important asset allocation choice for most families in China. price fluctuation is also one of the factors that leads to systematic risks financial market, which might cause economic crises and then reduce consumption. Since China formally established dual-pillar management framework macroprudential policy 2019, it played a crucial role maintaining stability house prices. This article employs mediating effect model comb internal mechanism interaction between policies, housing prices, household consumption test by panel data 30 provinces cities from 2004 2019. Experience implies can not only stabilize demand directly effectively, but affect indirectly through cross real estate market credit market. Further research found policies may fail regions with higher GDP high-income groups. finding will contribute on relationship economics. In addition, would be helpful making increase