本研究的主要目的為檢驗在2000-2014年間中央銀行的重貼現率政策能不能對房價有所影響。研究發現重貼現率與台灣的房價指數為顯著的正相關關係。以個別城市的角度而言，無論是台北市、新北市、新竹桃園地區、台中、台南或高雄，重貼現率皆與房價指數呈現正相關關係。根據實證結果，重貼現率對房價可能並不具有實質影響力。根據本研究可以考量利率對抑制房價的有效性，並讓決策者有明確的方向。

The purpose of this paper is to investigate whether rediscount rate can be an efficient monetary policy tool to control the prices of new houses in Taiwan during 2000 to 2014. I find that the relationship between rediscount rate and house price index is positive and significant. The relationship between rediscount rates and house price index is also positive in individual cities, including Taipei, Xinbei, Taoyuan, Hsinchu, Taichung, Tainan, and Kaohsiung. Consequently, rediscount rates may not be an efficient monetary policy tool to control house price.

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