信贷约束、房地产市场冲击与居民收入差距--基于异质性家庭DSGE分析框架

Credit Constraints, Market Shock of Real Estate and Residents’ Income Gap: Based on an Analysis of DSGE Framework with Heterogeneous Household

居民收入差距是一个备受关注的社会民生问题,而由房价和信贷市场对收入分配差距引起的叠加效应尤其突出。通过建立一个包含异质性家庭的小型封闭模型,引入信贷抵押约束机制的金融摩擦,然后在三种不同信贷约束的环境下,考察来自房地产市场的住房偏好冲击、房价冲击、房地产开发商投资效率冲击以及房产税冲击对居民收入差距的影响。模拟结果显示,住房偏好冲击、房价冲击以及房地产开发商投资效率冲击均能够显著推动借贷型家庭的收入增长,而对储蓄型家庭的增收效应则较弱,从而导致收入差距向着有利于借贷型家庭的方向扩大;对家庭部门征收房产税则能够较好地控制借贷型家庭的收入过快增长,有利于储蓄型家庭的收入增长,防止居民收入差距过快扩大。此外,房价的冲击能够刺激房地产的产出增加,从而出现房地产市场"量价齐高"的市场扭曲现象。在宽松的信贷约束环境下,金融加速器效应更加明显,经济波动更显著,在较紧的信贷约束环境下则相反。

Residents’ income gap is an important and livelihood issue, and the superimposed effect of housing price and credit market on income distribution gap is particularly prominent. By virtue of establishing a small closed model with heterogeneity household and introducing financial friction of credit mortgage constraint mechanism, this paper examines housing preferences’ shock, housing prices’ shock and investment efficiency’ shock of real estate developer from the real estate market, and the impact on property tax’ s shock on residents’ income gap in three different ennvviirroonnments of credit constraints. The simulation results show that those examined factors can significantly promote the iinncome growth of loan-type families, while the effect on the income increase of saving-type families is relatively weak,so that the income gap expands towards loan-type families in a good way. Levying property tax of the household sseecctor can better control the excessive growth of the income of the loan-type families, help the income growth of the ssaavving-type families, and prevent the residents’ income gap from expanding too fast. In addition, the shock of housing price can stimulate the increase of real estate output, resulting in a market distortion of"both volume and price are high"in the real estate market. In an environment of loose credit constraints, the financial accelerator effect is more obvious and economic fluctuations are more significant, while in a context of tightercredit constraints, the opposite is also true.