The Differentiated Effect of Administrative Policy in China's Housing Market——Based on the Heterogeneous Households Multi-Agent Model |
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The Differentiated Effect of Administrative Policy in China’s Housing Market — Based on the Heterogeneous Households Multi-Agent Model |
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Authors: | Liu Jiajia Dai Wei Li Xiuting Dong Zhi Dong Jichang |
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Institution: | 1.School of Economics and Management, Beijing University of Chemical Technology, Beijing, 100029, China ;2.School of Economics and Management, University of Chinese Academy of Sciences, Beijing, 100190, China ; |
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Abstract: | Since 2010, Chinese government has introduced a series of administrative policies to limit speculation in the housing market to stabilize price fluctuations and keep the housing market in a healthy state of development. In order to investigate whether administrative policy can play its due role, this paper constructs a comprehensive bottom-up housing market heterogeneous households multiagent model(HHMAM) to undertake research on the differentiated effect of administrative policy in different cities. The empirical studies find that: 1) Administrative policy that increases interest rates will cause housing prices to continue to decline in the long term, but they will resume a rising trend after reaching the lowest point; 2) If the government cancels a property-purchasing limitation, housing prices will continue to rise; and 3) investors tend to invest in 1~(st)-tier cities due to the high demand and greater likelihood of appreciation in these cities. |
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