住房价格、货币政策和收入差距

Housing prices,monetary policy and income inequality

以往货币政策对收入差距的影响文献中往往忽略了资产价格变动的渠道.而房价作为资产价格的主要表现形式,其自身的波动对收入差距也有很大的解释力.本研究构建了包含耐心和非耐心家庭以及房地产部门和消费品部门的DSGE模型,细分了家庭不同的收入类别,探讨了房价和货币政策变动对收入差距的影响渠道及大小.结果显示,正向住房价格加成冲击、正向住房交易成本冲击和紧缩性的货币政策冲击对总体收入差距分别有正向、负向和正向的影响.在上述三种冲击下,非耐心家庭的劳动收入对冲击更敏感,房价上涨收益变动对两类家庭收入差距的贡献较小,利息收益、红利收益和资本租金收益是收入差距变动的主要原因.住房交易成本冲击和货币政策冲击分别解释了本研究五种外生冲击所引起的基尼系数总波动的80.49%和17.21%.福利分析表明对基尼系数做出反应的货币政策能带来额外的社会福利.

Many scholars have studied the influence of monetary policy on income inequality.However,few studies take the channel of asset price change into consideration.Housing price is a main form of asset price and its fluctuation also has large effect on income inequality.By building a DSGE model which includes patient and impatient households as well as real estate sector and consumption sectors,this paper distinguishes different income categories and compares the channels and sizes of the impact of housing prices and monetary policy on income inequality.The results show that positive housing price mark-up cost shock,positive housing transaction cost shock and contractionary monetary policy shock have positive,negative and positive effects on income inequality,respectively.Under the above three kinds of shocks,the labor income of impatient households reacts more sensitively,and the gain from the change of housing price contributes less to inequality;while interest income,dividend income and capital rental income are the main sources of inequality.The housing transaction cost shock and monetary policy shock explain 80.49%and 17.21%of income inequality fluctuation caused by the five category of shocks,respectively.The welfare analysis shows that there will be additional social welfare when monetary policy responds to Gini index.