CAJ | 학술논문

关于货币调控政策对于房价的影响问题学术界从不同角度进行了研究。我们则通过构建包含粘性价格、房价以及货币政策等新凯恩斯主义动态随机一般均衡模型(DSGE)，在校准模型结构参数的基础上，运用脉冲响应分析模拟利率、信贷对我国房价的调控效应，模拟结果表明：加息和增加贷款均导致我国房价的上升；提高房地产抵押贷款率可以有效减小货币政策对房价的推动作用。因此，对于我国房价的调控可以通过提高房地产抵押贷款率，即降低首付率来抑制我国房价的快速上涨。
관우화폐조공정책대우방개적영향문제학술계종불동각도진행료연구。아문칙통과구건포함점성개격、방개이급화폐정책등신개은사주의동태수궤일반균형모형(DSGE)，재교준모형결구삼수적기출상，운용맥충향응분석모의리솔、신대대아국방개적조공효응，모의결과표명：가식화증가대관균도치아국방개적상승；제고방지산저압대관솔가이유효감소화폐정책대방개적추동작용。인차，대우아국방개적조공가이통과제고방지산저압대관솔，즉강저수부솔래억제아국방개적쾌속상창。
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.