通胀、房价膨胀与货币政策

Inflation,Housing Price Inflation and Monetary Policy

基于包含房地产部门与普通消费品部门的多部门NKMP-DSGE模型,笔者考察了通胀与房价膨胀背景下不同政策机制引起的社会福利损失以及相应的房地产市场调控政策。研究发现,同时对房地产部门产出以及房价做出反应的政策机制引起的社会福利损失相对较小。因此,基于社会福利损失最小化的角度,在房地产市场调控过程中应该实行盯住房价与增加供给并重的货币政策。

Due to the NKMP-DSGE model includes multi-sectors of estate sector and general consumable sector,the writer investigates the social welfare loss aroused in different policy mechanisms and relevant regulatory policies of estate market in the background of inflation and Increase of property price.The research finds that the social welfare loss aroused by policy mechanism that responds to estate sector＇s output and property price concurrently is relatively small.Therefore,from the angle of minimizing the social welfare loss,in the process of estate market regulation should adopt the monetary policy that targets property and increases supply equally.