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英语翻译To date,there has been considerable concern with evaluat

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英语翻译
To date,there has been considerable concern with evaluating the performance of real estate returns or determining the significance of
fundamental state variables.This paper differs from the existing literature by identifying the response of real estate investment trust (REIT)
returns to unexpected changes in the real output growth,the inflation,the default risk premium,and the stance of monetary policy utilizing
the newly developed technique of generalized impulse response analysis.The generalized impulse response method does not impose a priori
restrictions as to the relative importance each of these variables may play in the transmission process.The results show the extent and the
magnitude of the relationship between the REIT market and macroeconomic factors.In particular,we find that shocks to monetary policy,
economic growth,and inflation all lead to lower than expected returns,while a shock to the default risk premium is associated with higher
future returns.
英语翻译To date,there has been considerable concern with evaluat
迄今,有与评估房地产回归表现或确定意义的可观的不安
根本状态变量.本文与现有的文学不同通过辨认反应不动产投资信托(REIT)
回归到在真正的产品成长、通货膨胀、拖欠风险保险费和姿态的意想不到的变化货币政策运用上
广义冲动反应分析新开发的技术.广义冲动反应方法不强加得演绎
至于这些可变物的相对重要性的制约其中每一个在传输过程中也许使用.结果显示程度和
关系的巨大REIT市场和宏观经济学因素之间的.特别是,我们发现对货币政策的震动,
而对拖欠风险保险费的震动同更高联系在一起,经济增长和通货膨胀全部导致比预期低的回归
未来回归.