房地产市场的繁荣与萧条:宏观经济层面研究进展与争议

The Boom and Recession of Property Market :The Progress and the Debates from the Macroeconomics’ View

金融危机后,宏观经济学研究不断关注房地产市场。房地产市场周期性波动对宏观经济产生显著影响,无论是学界还是政策制定者,都高度重视房地产市场波动根源及其相关问题研究,房地产被重新纳入宏观经济研究的框架。为理清房地产市场研究的脉络与争议,文章对房地产市场波动根源的文献进行梳理,并总结归纳争议与未来研究方向,以期对房地产市场繁荣—衰退周期以及中国房地产市场研究提供借鉴。

After the financial crisis, macroeconomics has been paying close attention to the property market. The cyclical fluctuations in the prop-erty market have a significant impact on the macro economy. Both academics and policy makers attach great importance to the study of the root of fluctuations and other related issues in the property market. Property market is reintegrated into macroeconomic research framework. To sort out the context and controversies in the property market research, this paper sorts out the literature on the causes of fluctuations in the property market, and summarizes the controversies and the future research directions to provide reference for the research on the boom and recession cycle of prop-erty market and the Chinese property market.