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Sep 25, 2015
An Analysis of Down Payment Constraint on Chinese Real Estate Price Fluctuations: Based on DSGE Models
Authors: Chengcai Li [email protected], Jingjing Chen [email protected], and Yonghong Ju [email protected]Author Affiliations
Publication: ICCREM 2015
Abstract
Based on the down payment constraint of housing loans in selective tools of monetary policy, we build dynamic stochastic general equilibrium (DSGE) models which contain real estate consumption. This paper studies the response of the real estate price to down payment constraint using dynamic optimization method. Our results suggest that the policy of down payment constraint increases the cost of the down payment for families when they purchase houses, leading to the reduction of real estate consumption; higher down payments constraint causes the economic negative growth. Therefore the central bank should regard the economic growth as a primary objective in the process of the implementation of monetary policy without having to make an adjustment according to the operation condition of the real estate market.
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Published In
ICCREM 2015
Pages: 910 - 918
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© 2015 American Society of Civil Engineers.
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Published online: Sep 25, 2015
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Ph.D. Candidate, Finance Institute, Harbin University of Commerce, Harbin 150028, China. E-mail: [email protected]
Master, Department of Accounting and Finance, Heilongjiang Vocational College, Harbin 150000, China. E-mail: [email protected]
Professor, Department of Accounting and Finance, Heilongjiang Vocational College, Harbin 150000, China. E-mail: [email protected]
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