CAJ | 학술논문

文章通过构建引入金融摩擦的新凯恩斯动态随机一般均衡模型，研究了在房产税税率和金融摩擦强度不同的情况下，住房价格受到各种冲击后的反应状况。研究发现：（1）当经济中存在金融摩擦时，房产税对房价的抑制作用会被削弱，但随着房产税税率的上升，这种削弱作用会减小；（2）房产税与紧缩房地产开发商贷款和紧缩个人购房贷款三者的政策组合与调高利率的货币政策对降低房价的作用相当，但房产税与信贷政策的组合对产出波动的影响较小；（3）金融摩擦效应的增强使企业信贷配给额度；中击成为影响房价波动的最主要因素，这说明当房地产行业得到的金融支持和信贷减少时，企业信贷配给额度的微小变动就会引起房价的剧烈波动。
문장통과구건인입금융마찰적신개은사동태수궤일반균형모형，연구료재방산세세솔화금융마찰강도불동적정황하，주방개격수도각충충격후적반응상황。연구발현：（1）당경제중존재금융마찰시，방산세대방개적억제작용회피삭약，단수착방산세세솔적상승，저충삭약작용회감소；（2）방산세여긴축방지산개발상대관화긴축개인구방대관삼자적정책조합여조고리솔적화폐정책대강저방개적작용상당，단방산세여신대정책적조합대산출파동적영향교소；（3）금융마찰효응적증강사기업신대배급액도；중격성위영향방개파동적최주요인소，저설명당방지산행업득도적금융지지화신대감소시，기업신대배급액도적미소변동취회인기방개적극렬파동。
By constructing a new Keynesian dynamic stochastic general equilibrium model with financial friction, this paper analyzes the response of housing prices to various shocks under different ratios of property taxation and distinct intensity of financial friction. It comes to the following conclusions： firstly, financial friction can weaken the negative effect of property taxation on housing prices and with the increase in the ratios of property tax- ation, the weakening effect of financial friction on property taxation decreases＇ secondly, compared to the monetary policy of the rise in interest rates, the policy combination of property taxation, the constrictions of the loans of real estate developers and the constrictions of individual housing loans plays a similar role in the reduction in housing prices, but the combination of property taxation and credit policy has the smaller effect on output fluctuations; thirdly, the increase in financial fric- tion effect makes corporate credit rationing shock be the main reason for the fluctuations in housing prices, showing that with the reduction in financial support and credit in real estate industry, minor fluctuations in corporate credit rationing cause big fluctuations in housing prices.