Housing Prices and Economic Fluctuations——Based on a Multi-Region DSGE Framework
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| Title | Housing Prices and Economic Fluctuations——Based on a Multi-Region DSGE Framework
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| Author | Gao Ran and Gong Liutang |
| Organization | Peking University |
| Email | gaoran@pku.edu.cn，ltgong@gsm.pku.edu.cn |
| Key Words | Housing Prices; Economic Fluctuations; Multi-Region DSGE Model |
| Abstract | We develop and estimate a multi-region dynamic stochastic general equilibrium model to analyze housing price and economic fluctuation on region level. Some dynamic characteristics can be obtained: (1) asymmetric shocks hit different regions and produce region-specific volatility; (2) economic fluctuations transmit across regions and show co-movements; (3) different regions display heterogeneous responses to monetary policy; (4) the dependence of local government on land finance amplifies the volatility of regional housing market. |
| Serial Number | WP857 |
| Time | 2015-04-03 |
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