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【时间】2013年5月8日（周三）12：15－13：45
【地点】明主0304教室
【主讲】姚一旻 中国人民大学经济学院
【主题】Winners and Losers in Housing Market (written by Nobuhiro Kiyotaki, Alexander Michaelides, and Kalin Nikolov, Journal of Money, Credit and Banking, 2011)
【摘要】This paper is quantitatively oriented theoretical study into the interaction between housing prices, aggregate production, and household behavior over a lifetime. We development a life-cycle model of production economy in which land and capital are used to build residential and commercial real estates. We find that in an economy where the share of land in the value of real estates is large, housing prices react more to an exogenous change in expected productivity or the world interest rate, causing a large redistribution between net buyers and net sellers of houses. Changing financing constraints, however, has limited effects on housing prices.
【主持】陈彦斌 教授


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人大宏观经济学研讨会（Macro Workshop）旨在追踪宏观经济学国际最新进展，倡导构建符合国情的动态优化模型，并使用计算机模拟研究经济增长、收入分配和宏观政策等中国宏观经济重大问题。

联系人：陈伟泽 E_mail: sysu2006vc@126.com
更多讲座信息欢迎访问se.ruc.edu.cn，www.yanjiuyuan.com.cn


经济学院
中国经济改革与发展研究院