非傳統貨幣政策一般被稱為量化寬鬆，實施大規模量化寬鬆貨幣政策刺激經濟的國家主要為美國與日本。本研究利用多元迴歸模型探討美國與日本實施非傳統貨幣政策期間對於台灣房價指數影響，檢驗來自外部貨幣政策是否透過貨幣傳遞機制影響內部房屋價格。
研究對象為2003年至2013年底台灣國泰房地產指數。自變數除了檢驗美國與日本的非傳統貨幣政策，還包含台灣政府為抑制房屋泡沫而實施打房政策效果以及總體經濟變數，包含貨幣供給量、央行重貼現率、國民所得、消費者物價指數、人口成長率與人口平均年齡等。本研究亦從質與量兩個面向分析量化寬鬆政策對台灣房價指數的實際效果。本研究主要由非傳統貨幣政策、打房政策與總經變數三個層面分析對台灣房價指數的關係。
實證結果顯示，日本量化寬鬆與美國三次量化寬鬆對台灣房價指數並無相同影響。日本QE與美國QE1與台灣房價指數呈顯著負相關；美國QE2與QE3雖然與台灣房價指數呈正相關，但並不顯著。政府打房政策與房價指數呈現顯著正相關，政策並無法阻止房價攀升。總經變數大多與本研究預期相符，除了人口成長率以外。

The well-known “Quantitative Easing” is a kind of non-traditional monetary policy. The United States and Japan are two typical examples that executed non-traditional monetary policies on a large-scale since 2000s. This research uses multiple regression analysis to examine the effects of non-traditional monetary policies abroad on housing prices in Taiwan. More specifically, the research would like to find out whether the mechanism of monetary transmission could successfully transmit the shocks of external monetary policies to internal housing market.
The dependent variables are Taiwan Cathay housing price index. Except for the non-monetary policies in the United States and Japan, the independent variables includes the government policy to prevent domestic housing price index from bubbling, and several macroeconomic variables, such as money supply, rediscounting rate, national income, consumer price index, population growth rate and average population age. This research also examines Quantitative Easing variables from both qualitative and quantitative aspects. In short, this research covers three dimensions, which are non-traditional monetary policy, government policy and macroeconomic variables.
The empirical result indicates that the four QE factors had inconsistent outcomes. Japan QE and US QE1 are significantly negative related with Cathay housing price index, and while US QE2 and US QE3 are positive related to the index, the results are not significant. There is an inconsistent conclusion among non-traditional monetary policy. Moreover, the government policy is significantly positive related with index. It indicates that government policy can’t restrain the increasing housing price index. Finally, all of the macroeconomic variables match the research expectation, except for population growth rate.

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