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作者

来源

JOURNAL OF HOUSING ECONOMICS,Vol.41,P.124-134

语言

英文

关键字

Household tenure choice; Home prices; Home-purchase limit policy; Search-matching model; RENT CONTROL; BABY BOOM; MARKET; SEARCH; DYNAMICS

作者单位

[Chen, Jiawei; Zhang, Hong] Tsinghua Univ, Ctr Urbanizat & Ind Dev, Hang Lung Ctr Real Estate, Beijing, Peoples R China. [Hui, Eddie Chi-Man] Hong Kong Polytech Univ, Dept Bldg & Real Estate, Hong Kong, Hong Kong, Peoples R China. [Seiler, Michael J.] Coll William & Mary, POB 8795, Williamsburg, VA 23187 USA. [Seiler, Michael J.] Raymond A Mason Sch Business, Real Estate, Dept Finance, POB 8795, Williamsburg, VA 23187 USA. Seiler, MJ (reprint author), Coll William & Mary, POB 8795, Williamsburg, VA 23187 USA.; Seiler, MJ (reprint author), Raymond A Mason Sch Business, Real Estate, Dept Finance, POB 8795, Williamsburg, VA 23187 USA. E-Mail: 1030406911@qq.com; eddie.hui@polyu.edu.hk; Michael.Seiler@mason.wm.edu; zhannie@tsinghua.edu.cn

摘要

This study establishes a dynamic search-matching model with the home ownership market and rental markets unified within a single framework, against the background of China's home-purchase limit policy. We analyze the dynamic responses of household tenure choice, housing prices and market liquidity to a demographic shock. Our results show that, although the home-purchase limit policy can inhibit housing prices in the current period, the positive shock from demographic changes immediately triggers growth in rents and eventually leads to escalation in housing prices in subsequent periods.