HOUSING PRICE AND FUNDAMENTALS IN A TRANSITION ECONOMY: THE CASE OF THE BEIJING MARKET
构建了一个动态理性预期一般均衡模型，将房价与收入增长、人口、移民和土地供给等基本面变量联系起来，应用于北京市场发现均衡房价和租金低于实际数据，并探讨了差异的可能原因。
Abstract This article develops a dynamic rational expectations general equilibrium framework that links house value to fundamental economic variables such as income growth, demographics, migration, and land supply. Our framework handles nonstationary dynamics as well as structural changes in fundamentals that are commonplace in transition economies. Applying the framework to Beijing, we find that the equilibrium house price and rent under reasonable parameterizations of the model are substantially lower than the data. We explore potential explanations for the discrepancies between the model and the data.