The Differentiated Effect of Administrative Policy in China’s Housing Market — Based on the Heterogeneous Households Multi-Agent Model,Journal of Systems Science and Complexity

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The Differentiated Effect of Administrative Policy in China’s Housing Market — Based on the Heterogeneous Households Multi-Agent Model
Journal of Systems Science and Complexity ( IF 2.6 ) Pub Date : 2019-12-26 , DOI: 10.1007/s11424-019-8228-7
Jiajia Liu , Wei Dai , Xiuting Li , Zhi Dong , Jichang Dong

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.

更新日期：2019-12-26

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