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Keeping Up with the Zhangs and House Price Dynamics in China

主讲人: Tao Peng
主讲人简介:

Associate Professor, Southwestern University of Finance and Economics.
Prof. Peng's webpage can be found here:

http://riem.swufe.edu.cn/index.php?r=staff%2Fdefault%2Fview&id=21

主持人: Niu Linlin
简介:

Following the transition from a centralized housing allocation to a housing market, houses have become a status good for Chinese households. Exploiting this observation, we use a dynamic stochastic general equilibrium model to study quantitatively the effect of housing consumption externalities (“keeping up with the Zhangs”) on house price dynamics. Our Bayesian estimation reveals that housing consumption externalities have a significant role in house price dynamics, amplifying the response of house prices to shocks. Time-invariant transaction taxes that designed to offset the effects of keeping up with the Zhangs can significantly reduce the impacts of housing demand shocks on housing prices.

时间: 2018-05-10(Thursday)16:40-18:00
地点: N302, Econ Building
期数: 高级经济学系列讲座2018春季学期第八讲(总第402讲)
主办单位: WISE&SOE
类型: 系列讲座