Research of Housing Price Rising Effects Based on DCGE :Economic Growth, Income Distribution and Wealth Gap Widening
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| Title | Research of Housing Price Rising Effects Based on DCGE :Economic Growth, Income Distribution and Wealth Gap Widening
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| Author | Yuan Pengfei and Feng Lei |
| Organization | |
| Email | yuanpf@gj.stats.cn；fenglei@gj.stats.cn |
| Key Words | Housing Price Rising; DCGE; the Stock of Housing Assets; Economic Growth; Income and Wealth Gap |
| Abstract | By building DCGE model and with the introduction of the stock of housing assets in the model, we investigate the effects of housing price rising on economic growth and income and wealth gap from a dynamic perspective. The main findings are as follows: Real estate expansion stimulated by housing price rising can significantly improve the rate of economic growth, and drive rapid growth in the construction industry, heavy industry and other industries, but it will also squeeze the space for development of agriculture, light industry and public services sector. Housing price rising will improve income growth of General government, corporations and households, while the unfair distribution that income tends to flow into the government has not been changed. Housing price rising will make the income differentiation among urban households more aggravated, and wealth accumulation from real estate appreciation results in larger gap between rich and poor in recent years. |
| Serial Number | WP663 |
| Time | 2014-08-22 |
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