题 目：Keeping up with the Zhangs and House Price Dynamics in China

报告人：彭涛 副教授 西南财经大学

主持人：梁友莎 博士  浙江大学经济学院

时 间：2017年11月10日（周五）   15:30-17:00

地点：浙江大学玉泉校区经济学院418室  

Abstract: 

In this paper, we use a stochastic dynamic general equilibrium model to study the effects of market psychology, in particular, “keeping up with the Zhangs” on house price behavior in China. Our Bayesian estimation confirms that “keeping up with the Zhangs” exists in the Chinese housing market. We find significant effects of “keeping up with the Zhangs” on housing prices. Our simulation results show that compared to a model without “keeping up with the Zhangs”, a one standard deviation increase in the housing demand shock can lead to about 34% greater response of housing prices in our benchmark model. We show that the implementation of a property tax can curb the soaring housing prices.

CRPE秘书处
2017-11-7