The Macroeconomic Effect of Housing Price Fluctuation

DOI

10.2991/iceiem-19.2019.23How to use a DOI?

Keywords

housing price, wealth effect, inflationary effect, ARDL model

Abstract

The real estate industry is a pillar industry concerning the national economy and people's livelihood. A stable and healthy real estate market will benefit all residents, enterprises and government organs, and make the macroeconomic development better and the country stronger. Based on the data collected from China Economic Information Network and National Bureau of Statistics from March 2009 to March 2019, this paper studies the macroeconomic effect of housing price fluctuation by using ARDL model. The conclusions show that the housing price fluctuation has significant wealth effect and inflationary effect in the short run, while it has no significant impact on consumption, investment and inflation in the long run. Accordingly, we suggest that when formulating macroeconomic policies, attention should be paid to the impact of housing price fluctuation on macroeconomic variables. Moreover, the healthy development of the real estate market should also be taken into consideration.

Copyright

© 2019, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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TY  - CONF
AU  - Chen Weng
AU  - Haohui Chi
PY  - 2019/08
DA  - 2019/08
TI  - The Macroeconomic Effect of Housing Price Fluctuation
BT  - Proceedings of the 2019 International Conference on Education Innovation and Economic Management (ICEIEM 2019)
PB  - Atlantis Press
SP  - 90
EP  - 94
SN  - 2352-5398
UR  - https://doi.org/10.2991/iceiem-19.2019.23
DO  - 10.2991/iceiem-19.2019.23
ID  - Weng2019/08
ER  -