基于房价收入比的梯度住房政策体系研究——以上海市为例

为了实现居者有其屋,需要针对不同的收入群体采取不同的住房政策,为此要对居民的住房支付能力进行科学的判断。本文采用国际通用的衡量居民住房支付能力的房价收入比指标,用上海市的实际数据对其进行修正使用,以计算结果作为制定差别化住房政策的标准,建立起长效、稳定的住房经济调控政策与住房社会保障政策相结合的梯度住房政策体系。     

An experimental examination of the house money effect in a multi-period setting

There is evidence that risk-taking behavior is influenced by prior monetary gains and losses. When endowed with house money, people become more risk taking. This paper is the first to report a house money effect in a dynamic, financial setting. Using an experimental method, we compare market outcomes across sessions that differ in the level of cash endowment (low and high). Our experimental results provide support for a house money effect. Traders’ bids, price predictions, and market prices are influenced by the amount of money that is provided prior to trading. However, dynamic behavior is difficult to interpret due to conflicting influences. JEL Classification C91 · C92 · D80 The views expressed here are those of the authors and not necessarily those of the Federal Reserve Bank of Atlanta or the Federal Reserve System.     

Standard Chartered：Is China Ready？

＂Despite the slowdown in the U.S. economy and the different global impacts stemming from the turmoil,＂ said David Leung, Chief Investment Officer of Standard Chartered China, ＂Emerging markets like China have still maintained healthy growth.＂     

住宅特征价格指数编制现状的国内外比较分析

住宅价格指数是反映房地产市场价格变动趋势的重要指标,特征价格法作为住房价格指数的编制方法之一已被国外普遍使用。在阅览大量文献和国外相关资料的基础上,对目前国际上编制住宅价格指数的三种主流方法进行归纳总结,并对我国三大住房价格指数的编制现状进行比较评析,提出关于完善我国住宅价格指数的构想:构建以国家统计局为编制主体,传统加权综合指数和特征价格指数并行发展的住宅价格指数体系。     

Release of a liquidity regulation: What do we learn for credit and house prices?

This paper studies the effects of the release of a limit on banks’ maturity transformation – akin to the Net Stable Funding Ratio – for mortgage supply and house prices. After the regulatory easing, credit supply increased only for the banks that were previously constrained by the regulation and not for the others. We also show that the expansion in mortgages triggered by the deregulation accelerated house prices. The effect was channeled through higher demand for housing and the relaxation of borrowers’ financial constraints. Even though the impact of the credit supply shock persisted, the interaction between credit and house prices was not conducive to a housing market overheating.     

土地政策在房地产调控中的政策效果评价

自2003年以来,土地政策被确定为与传统的货币政策、财政政策并列的重要工具参与宏观调控,但土地政策在房地产调控中的成效一直备受争议.本文利用国家统计局、中国经济信息网2002～2010年间的季度数据,实证分析了土地政策及其不同手段对房地产市场的影响,认为土地政策只对房地产供应方面的作用较为显著,且存在滞后性,而对房价的作用较小,因此,土地政策整体上在房地产调控中的作用有限,需要与其他政策组合起来进行运用.     

School Quality, House Prices and Liquidity

This paper develops an empirical framework for taking into account the effects of endogenous liquidity on price capitalization estimates. Changes in school attendance zones in the East Baton Rouge Parish public school district provide a natural experiment for studying how changes in school characteristics affect house prices and liquidity. House price and selling time, or liquidity, are simultaneously determined in search markets. The empirical model exploits variation in the surrounding neighborhood market conditions pertinent to each house to identify the system of price and liquidity equations. The estimates are consistent with search-market theory in that liquidity absorbs part of the capitalization of school quality.