关键词: 资源错配 , 房产税 , DSGE模型 , 经济波动

Abstract:  This paper focuses on the dilemma of economic recession and real estate boom, and studies policy implications of house property tax in helping real economy go out of the dilemma. Empirical results show as follows. First, in the Chinas New Normal, easing monetary policy pushes money into housing market and leads to resource misallocation, which aggravates recession of output and investment in the L section. Second, by three experiments I show that it is plausible for government to execute house property tax on household to solve resource misallocation and stabilized economy.  

Key words: resource misallocation , house property tax , DSGE model , economic fluctuations