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Macroscopic economic effect analysis of property tax reform and price change based on the DSGE model

Xiaochun Liu

In recent years, the housing price problem has become a major problem. All kinds of analysis and policy suggestions can be seen in the press, the Internet and all kinds of journals. But about how the change of house prices will affect the macro economy and what is the influence mechanism of action still lack of a detailed analysis. Another important issue associated with house prices is the problem of real estate tax reform. At present, the academia tends to use econometric analysis based on regression method to discuss the macroeconomic effect of property tax and land prices. In the study of property tax, scholars have focused on real estate taxes effects on housing prices and other economic variables. Jin and Zeng (2004) are first to bring housing investment problem into the research of DSGE models; domestic scholars Tan Zhengxun and Wang Cong (2011) also use DSGE model to discuss the price fluctuations affecting the financial stability[4].