日期：2022/03/17 (四)
時間：中午12:20-13:30
地點：綜合院館南棟12樓第三會議室
簡介∕
發表人：賴政澤 (政治大學經濟學系博士生)
與談人：李文傑 (政治大學經濟系副教授)
主持人：李慧琳 院導師 (政治大學經濟學系)
ABSTRACT：This paper studies land-price dynamics and macroeconomic fluctuations by introducing a general household’s preference into Liu et al. (2013) that allows for the intertemporal and the intratemporal elasticities of substitution (ES) to deviate from unity. When the intertemporal ES is smaller than unity and also smaller than the intratemporal ES, in response to a positive housing demand shock, we find that consumption can increase and comove with land prices and business investment, different from decreases of consumption in Liu et al. (2013). We estimate alternative models to fit the time series data, and find the result in favor of the model with the household’s preference featuring a complementary relationship across periods but a substitutable relationship within a period.
KEYWORDS：land prices, housing demand shocks, CES preferences, collateral constraints.
