摘要(英) |
This paper develops a dynamic stochastic general equilibrium model with collateral constraints to study Taiwan′s housing price and rent dynamics. The main simulation results are summarized below. First, a positive supply shock in the housing sector will lead to a long-lasting reduction in the housing price-income ratio. Second, a positive TFP shock in the consumption goods sector or a positive housing demand shock induces a higher price-income ratio. Third, at the impact of a positive consumption goods or housing TFP shock, a lower loan-to-value (LTV) ratio can effectively restrain the house price and the price-income ratio but will lead to a higher rent. Moreover, in response to a rising housing demand, a lower LTV ratio has little influences on the house price, the price-income ratio, or rents. |
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