Macroeconomic Policies and Housing Market in Taiwan
2016/09/27
研討會日期 : 2016-09-27
時間 : 14:30
主講人 : Professor Shiou-Yen Chu
主持人 : Professor Cheng-Chen Yang
地點 : Conference Room B110
演講者簡介 : Professor Chu received her Ph.D. in Economics from University of Missouri-Columbia in 2009. She is currently an Assistant Professor at National Chung Cheng University. Her research fields are Monetary Economics, International Finance, and Public Economics.
演講摘要 : This paper develops a dynamic stochastic general equilibrium (DSGE) model that analyzes the transmission mechanisms of a real estate transfer tax and other macroeconomic policies on Taiwan’s housing market. Our model matches the volatility of Taiwan’s housing prices and housing transactions during 2011-2015, when a transfer tax on real estate was collected. The calibration results indicate that imposing a residential property tax or raising interest rates effectively curbs speculative housing transactions and has prolonged effects on taming housing prices over time. Transfer tax imposition and a decrease in loan-to-value ratio have short-lived effects on moderating housing markets.
