| 房地产市场反周期宏观调控政策绩效的微观分析 |
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| 引用本文： | 蔡明超,黄徐星,赵戴怡.房地产市场反周期宏观调控政策绩效的微观分析[J].经济研究,2011(Z1). |
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| 作者姓名： | 蔡明超 黄徐星 赵戴怡 |
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| 作者单位： | 上海交通大学安泰经济与管理学院;澳大利亚新南威尔士大学商学院; |
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| 基金项目： | 国家自然科学基金课题(编号:70971088); 2011年度上海哲学社会科学基金资助(编号:2011BJB012) |
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| 摘 要： | 货币或者财政政策调控是世界各国保证房地产市场健康发展普遍采用的手段,宏观调控对市场的影响自然成为所有市场参与者及学术界关心的问题。本文构建了居民基于非住房消费、住房消费的二元效用函数,居民投资选择包括无风险投资、住房投资与金融投资,理性居民通过效用最大化来应对房地产税收、首付贷款比例和贷款利率等宏观调控政策。本文结合金融市场、房地产市场的参数校准,对政府可能采用的政策组合进行了数值模拟分析。数值模拟分析表明,在给定参数下居民对贷款首付比例的政策变化最为敏感,其次为利率政策、税收政策。本研究结果为政府的反周期房地产政策调控提供了理论依据,能够有效降低政策制定成本。
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| 关 键 词： | 效用函数 经济周期 反周期政策 |
Micro Analysis on Countercyclical Macro-regulation Policy Performance in Housing Market |
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| Mingchao Cai,Huang Xuxing , Zhao Daiyi.Micro Analysis on Countercyclical Macro-regulation Policy Performance in Housing Market[J].Economic Research Journal,2011(Z1). |
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| Authors: | Mingchao Cai Huang Xuxing Zhao Daiyi |
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| Institution: | Mingchao Cai1,Huang Xuxing2 and Zhao Daiyi1 (1.Antai College of Economics and Management,Shanghai Jiaotong University,2.Business School,University of New South Wales) |
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| Abstract: | Monetary or fiscal policy is commonly used for government to stabilize the housing market across countries all over the world,and its performance is concerned about by all the market participants and academics. The paper builds resident's utility function based on non-housing and housing consumption,resident makes choices among risk-free investment,housing and financial investment. Rational resident maximize his utility to deal with macro-regulations,such as real estate taxes,down payment loan ratio and mor... |
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| Keywords: | Utility Function Business Cycle Countercyclical Policy |
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