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关于货币调控政策对于房价的影响问题学术界从不同角度进行了研究。我们则通过构建包含粘性价格、房价以及货币政策等新凯恩斯主义动态随机一般均衡模型(DSGE),在校准模型结构参数的基础上,运用脉冲响应分析模拟利率、信贷对我国房价的调控效应,模拟结果表明:加息和增加贷款均导致我国房价的上升;提高房地产抵押贷款率可以有效减小货币政策对房价的推动作用。因此,对于我国房价的调控可以通过提高房地产抵押贷款率,即降低首付率来抑制我国房价的快速上涨。
On the impact of monetary control policies on housing prices The academic community from different angles of research. We construct a new Keynesian Dynamic Stochastic General Equilibrium Model (DSGE) that includes viscous prices, housing prices and monetary policies. Based on the calibration of the structural parameters of the model, we use impulse response analysis to simulate the regulation and control effect of interest rates and credit on China’s housing prices. The results show that both raising interest rates and increasing loans lead to an increase in house prices in our country. Increasing the mortgage loan rate can effectively reduce the impetus of house prices by monetary policy. Therefore, for the regulation of China’s housing prices by raising the real estate mortgage lending rate, that is, lowering the down payment rate to curb the rapid rise of China’s housing prices.