House Prices and Government Spending Shocks
研究发现，动态随机一般均衡模型预测政府支出增加会压低房价，但美国实际数据却显示房价上升，说明现有模型存在缺陷，对研究宏观经济与房地产关系的学者有参考价值。
We show that dynamic stochastic general equilibrium (DSGE) models with housing and collateralized borrowing predict a fall in house prices following positive government spending shocks. By contrast, we show that house prices in the United States rise persistently after identified positive government spending shocks. We clarify that the incorrect house price response is due to a general property of DSGE models—approximately constant shadow value of housing—and that modifying preferences and production structure cannot help in obtaining the correct house price response. Properly accounting for the empirical evidence on government spending shocks and house prices using a DSGE model therefore remains a significant challenge.