Cardiff University | Prifysgol Caerdydd ORCA
Online Research @ Cardiff 
WelshClear Cookie - decide language by browser settings

The cause of housing market fluctuations in China: An indirect inference perspective

Gai, Yue ORCID: https://orcid.org/0000-0003-4521-3176 2019. The cause of housing market fluctuations in China: An indirect inference perspective. PhD Thesis, Cardiff University.
Item availability restricted.

[thumbnail of 2019gaiyphd.pdf]
Preview
PDF - Accepted Post-Print Version
Download (2MB) | Preview
[thumbnail of gaiy.pdf] PDF - Supplemental Material
Restricted to Repository staff only

Download (120kB)

Abstract

This thesis addresses two main issues related to the housing market in China. It discovers: i) the key driving forces behind the movements of housing price and the evaluation of the model’s capacity in fitting the data. ii) try to identify whether the Chinese housing market can be explained better by using a model with collateral constraint. The Dynamic Stochastic General Equilibrium (DSGE) model including the housing sector and capturing some important features of the Chinese economy is employed to explore the above questions. Moreover, an Indirect Inference method is used to explore these issues in an empirical way. Estimation results show that the estimated model using Indirect Inference method can explain the data behaviour well. The estimated model shows that the capital demand shock plays a significant major role in explaining the housing price dynamic. In terms of the second issue, the Indirect Inference testing results show that the model with collateral constraint cannot provide better performance in explaining the data.

Item Type: Thesis (PhD)
Date Type: Submission
Status: Unpublished
Schools: Business (Including Economics)
Uncontrolled Keywords: Macroeconomics, DSGE Model, Housing Market, China, Indirect Inference, Collateral Constraint, Housing Constraint, Business Cycle, Chinese Housing Market, housing price, two-sector model
Date of First Compliant Deposit: 30 May 2019
Date of Acceptance: 29 May 2019
Last Modified: 06 Jan 2024 03:45
URI: https://orca.cardiff.ac.uk/id/eprint/122964

Actions (repository staff only)

Edit Item Edit Item

Downloads

Downloads per month over past year

View more statistics