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| A Simulation of the Regulation Effects of China’s Monetary Policy on Housing Prices with a New Keynesian DSGE Model |
| LI Song-hua |
| College of Economics and Management, North China University of Water Resources and Electric Power, Zhengzhou, Henan, 450046 |
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Abstract This paper constructs a New Keynesian dynamic stochastic general equilibrium model (DSGE) including sticky prices, monetary policies and housing prices, and employs impulse response to analyze the regulation effects of the interest rate and credit on China’s housing prices with parameters calibration. The simulation results are as follow: the positive shocks of both interest rate and credit drive up China’s housing prices; higher real estate mortgage rates can effectively lower the promoting effect of monetary policies on housing prices, which means in order to control housing prices China should raise the house mortgage rate, namely, reduce down payment.
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Received: 13 July 2015
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2015, Vol. 32 
