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| Housing Price Fluctuation and Social Welfare:A Research Based on Endogenous Firm Entry |
| LEI Wenni, GONG Liutang
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Dongling School of Economics and Management, University of Science and Technology;
Guanghua School of Management, Peking University |
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Abstract This paper builds a two-sector DSGE model with firm entry, studying the impact of housing price fluctuation on the resource allocation and social welfare. The simulation results show that the increase of housing price induced by exogenous shocks will raise the threshold of firm entry and reduce the number of new-entry firms, which will have a negative effect on the varieties of goods and output, decreasing the social welfare. The degree of social welfare change is up to the weight of house sector and the elasticity of entry cost to housing price. It's worthy attention that when the elasticity of entry cost to housing price is high enough, a beneficial technology shock will even increase the monopolies and reduce the social welfare. In the end, the empirical analysis, using the panel data of 35 major cities in China from 1998 to 2010, verifies the existence of the mechanism that housing price impacts the firm entry decision in the channel of entry cost.
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Received: 03 November 2014
Published: 01 January 1900
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