【摘要】 本文建立一个带有房地产市场的多部门DSGE模型,同时在模型中引入带有金融摩擦的银行部门,研究货币政策影响房地产价格的传导机制,以及降低社会融资成本的政策对房地产市场中金融加速器效应的影响。数值模拟结果显示:(1)当社会融资成本较高时,降低利率的货币政策冲击使得房地产价格显著上升;(2)政府降低社会融资成本,能够明显地弱化房地产市场的金融加速器效应;(3)央行采取盯住房地产价格波动的货币政策,能够改善社会福利,但是政策效果会因社会融资成本的降低而削弱。更多还原

【Abstract】 This paper develops a multi- sector DSGE model incorporating a housing market and a bank sector with financial frictions to study the transmission mechanism of monetary policy affecting the housing market and reveal the impact of policy about reducing social financing costs on financial accelerator effect in housing market. The results display the following features: first,when the social financing cost is high,monetary policy of reducing interest rate makes housing prices rise significantly; second,the government reducing social financing costs can effectively weaken financial accelerator effect in housing market; third,monetary policy pegging volatility of housing prices can improve the social welfare,but the effect of this monetary policy will be weakened due to the reduction of social financing costs.更多还原