摘要
文章在DSGE模型中引入以动态贷款价值比为工具的宏观审慎政策,研究双支柱政策的住房价格传导机制下宏观审慎政策对企业投资的影响。研究结果表明:(1)宏观审慎政策的实施能很好地达到稳定住房价格泡沫的目标,从而有效防范金融系统性风险。(2)宏观审慎政策的实施会使双支柱政策的住房价格传导机制下住房市场的投资效应更不显著,不能有效防范经济硬着陆风险。(3)动态贷款价值比是调控我国住房市场的有效宏观审慎政策工具之一。
This paper introduces the macroprudential policy which puts the dynamic loan value ratio as a tool in the DSGE model to study the impact of macroprudential policy on business investment based on the housing price transmission mecha- nism of double-pillar policy.The results show that:(l)the implementation of macroprudential policy can achieve the goal of stabilizing the housing price bubble well,thus effectively preventing financial system risk.(2)the implementation of macropru- dential policy will make investment effect in housing market under the housing price transmission mechanism of double-pillar policy is less significant,can't effectively prevent economic hard landing risk.(3)the dynamic loan value ratio is one of the ef- fective macroprudential policy instruments to control our housing market.
出处
《投资研究》
CSSCI
北大核心
2018年第8期79-92,共14页
Review of Investment Studies
基金
中国博士后科学基金面上资助项目"双支柱政策调控住房市场的有效性及协调配合研究"(项目编号:2018M630389)
江西省社会科学"十三五"(2017年)规划项目青年博士基金项目"住房价格波动对家庭消费的异质性影响研究"(项目编号:17BJ08)
江西省教育厅科学技术研究项目青年项目"宏观审慎视角下住房市场财富效应的实证研究"(项目编号:GJJ160459)
