Abstract：In this paper,combined with high-frequency series and low-frequency data in the same framew ork,this paper analyzes the dynamic relationship in different periods among aggregate monetary policy,structural credit policy and housing price fluctuation based on the time-frequency dynamic perspective and the wavelet analysis model,and further distinguishes the heterogeneous impact of supply and demand regulation on house price. Empirical results show that structural credit policy is superior to aggregate monetary policy in the regulation of housing prices. The influence mechanism of structural credit policy is that there is asymmetry in supply-side regulation in the medium term,and demand regulation is superior to supply regulation in the long and ultra-long term,so the regulatory effect of demand structural credit policy aggregate monetary policy instruments is better. Therefore,the application value in the process of curbing housing prices is that “flooding irrigation ” aggregate monetary policy tends to “prevent beforehand ” and“precise drip irrigation”structural credit policy tends to “control afterward”. In different time-frequency domains,the latter is supplemented by the former,which is mainly used alternately or coordinately to prevent the accumulation and outbreak risk of real estate market bubble.

Keyword：Aggregate Monetary Policy; Structural Credit Policy; Housing Price Fluctuation; Wavelet Analysis Model;