【ECON201308】

宏觀經濟學研討會

（總第137期）

【時間】2013年5月8日（周三）12：15－13：45

【地點】明主0304教室

【主講】姚一旻　中國人民大學經濟學院

【主題】Winners and Losers in Housing Market (written by Nobuhiro Kiyotaki, Alexander Michaelides, and Kalin Nikolov, Journal of Money, Credit and Banking, 2011)

【摘要】This paper is quantitatively oriented theoretical study into the interaction between housing prices, aggregate production, and household behavior over a lifetime. We development a life-cycle model of production economy in which land and capital are used to build residential and commercial real estates. We find that in an economy where the share of land in the value of real estates is large, housing prices react more to an exogenous change in expected productivity or the world interest rate, causing a large redistribution between net buyers and net sellers of houses. Changing financing constraints, however, has limited effects on housing prices.

【主持】陳彥斌 教授

人大宏觀經濟學研討會（Macro Workshop）旨在追蹤宏觀經濟學國際最新進展，倡導構建符合國情的動態優化模型，并使用計算機模擬研究經濟增長、收入分配和宏觀政策等中國宏觀經濟重大問題。

聯系人：陳偉澤　　E_mail: sysu2006vc@126.com

更多講座信息歡迎訪問se.ruc.edu.cn，www.yanjiuyuan.com.cn

經濟學院

中國經濟改革與發展研究院