|
|
|
| Financial Costs, Housing Prices Fluctuation and Monetary Policy Transmission |
| CHEN Shiyi, WANG Xiang
|
| School of Economics, Fudan University |
|
|
|
|
Abstract This paper develops a multi-sector DSGE model incorporating a housing market and a bank sector with financial frictions to study the transmission mechanism of monetary policy affecting the housing market and reveal the impact of policy about reducing social financing costs on financial accelerator effect in housing market. The results display the following features: first, when the social financing cost is high, monetary policy of reducing interest rate makes housing prices rise significantly; second, the government reducing social financing costs can effectively weaken financial accelerator effect in housing market; third, monetary policy pegging volatility of housing prices can improve the social welfare, but the effect of this monetary policy will be weakened due to the reduction of social financing costs.
|
|
Received: 20 September 2015
Published: 01 January 1900
|
|
|
|
|
| [1] |
杜清源和龚六堂,2005,《带“金融加速器”的RBC模型》,《金融研究》第4期,第16~30页。
|
| [2] |
刘镜秀和门明,2015,《经济政策不确定性、金融摩擦与宏观经济》,《技术经济》第5期,第94~103页。
|
| [3] |
谭政勋和王聪,2011,《中国信贷扩张、房价波动的金融稳定效应研究》,《金融研究》第8期,第57~71页。
|
| [4] |
王云清、朱启贵和谈正达,2013,《中国房地产市场波动研究——基于贝叶斯估计的两部门DSGE模型》,《金融研究》第3期,第101~113页。
|
| [5] |
王立勇、张良贵和刘文革,2012,《不同粘性条件下金融加速器效应研究》,《经济研究》第10期,第69~81页。
|
| [6] |
易斌,2015,《住房需求抑制还是土地供给调节:房地产调控政策比较研究》,《财经研究》第2期,第66~75页。
|
| [7] |
袁申国、陈平和刘兰凤,2011,《汇率制度、金融加速器和经济波动》,《经济研究》第1期,第57~70页。
|
| [8] |
Bernanke, Ben S., and M. Gertler. 1995. “Inside the Black Box: The Credit Channel of Monetary Policy Transmission.” Journal of Economic Perspectives, 9(4): 27~48.
|
| [9] |
Bernanke, Ben S., M. Gertler, and S. Gilchrist. 1999. “Chapter 21: The Financial Accelerator in a Quantitative Business Cycle Framework.” Handbook of Macroeconomics, 1(99): 1341~1393.
|
| [10] |
Calvo, Guillermo A. 1983. “Staggered prices in a utility-maximizing framework.” Journal of monetary Economics,12(3): 383~398.
|
| [11] |
Gali, Jordi. 2008. “Monetary Policy, Inflation and the Business Cycle.” Published by Princeton University Press.
|
| [12] |
Iacoviello, Matteo. 2005.“House Prices,Borrowing Constraints, and Monetary Policy in the Business Cycle.” American Economic Review,95(3): 739~764.
|
| [13] |
Iacoviello, Matteo, and S. Neri. 2010. “Housing Market Spillovers: Evidence from an Estimated DSGE Model.”American Economic Journal Macroeconomics,2(2): 125~164.
|
| [14] |
Kiyotaki, Nobuhiro, and J. Moore. 1997. “Credit Chains.”Journal of Political Economy,105(21): 211~248.
|
| [15] |
Christiano, Lawrence J. , R. Motto, and M. Rostagno. 2007. “Financial Factors in Business Cycles.” Unpublished Manuscript, Northwestern University.
|
| [16] |
Notarpietro, Alessandro, and S. Siviero. 2015.“Optimal Monetary Policy Rules and House Prices: The Role of Financial Frictions.”Journal of Money Credit & Banking,47(S1): 383~410.
|
| [17] |
Woodford, Michael. 2003. “Interest and Prices: Foundations of a Theory of Monetary Policy.” Published by Harvard University Press.
|
|
|
|
