Abstract: This paper analyzes not only the relationship between CPI and commercial housing vacancy rate (CHVR) in China according to the statistics of 19952010, but also the granger causality between current CHVR and CPI. Through the impulse response analysis, it analyzes the impulse response features between CHVR and CPI. The result of the granger causality test shows that CPI has a significant and reliable oneway impact on CHVR in China. The result of the impulse response analysis shows that CPI has a far greater influence on CHVR than vice versa. These research results show that the influence of CPI on CHVR is oneway, namely, the increase of CPI will result in the rise of CHVR.

Key words: commercial housing vacancy rate (CHVR), CPI, VAR, cointegration