房价波动、货币政策与中国社会福利损失

Abstract

Abstract: A dynamic stochastic general equilibrium (DSGE) model including ordinary consumption goods and housing sector is constructed to analyze the housing price inflation and the welfare loss in China. The result of impulse response function and Bayesian shock decomposition shows that monetary policy plays the most significant role in promoting the housing price fluctuation in China. The Based on the social welfare loss function with is introduced by the method of Woodford^[1],policy experiment is carried out. The result reveals that the policy regime targeting housing sector supply and housing price inflation may cause much less welfare loss, that is, increase the housing supply and regulate the housing price, which is helpful for the regulation of housing market. Furthermore, the actual social welfare loss is computed, which may be useful to quest for the optimal policy for regulating the housing market.

Key words: inflation, housing price inflation, social welfare loss

CLC Number:

F830
F015

CHEN Li-feng, FAN Hong-zhong. Housing Price Fluctuation, Monetary Policy and the Social Welfare Loss in China[J]. Chinese Journal of Management Science, 2014, 22(5): 42-50.

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Housing Price Fluctuation, Monetary Policy and the Social Welfare Loss in China

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