关键词: 贫富差距 , 供求弹性 , 房价

Abstract: High wealth inequality and inflated housing prices are prevailing phenomena in recent China, while the existing literature neglects the interaction of wealth inequality and supplydemand elasticity on housing price. This paper develops a housing stock adjustment model to combine supplydemand elasticity and wealth inequality. Employing the UHS databases of Chinas 33 cities in 7 provinces over 2002—2012, we find that the Gini coefficients of household income and wealth have positive impacts upon housing prices, while the supplydemand elasticity negatively and positively influences housing prices, respectively. Additionally, the interaction terms of Gini coefficients of household income and wealth with supplydemand elasticity positively and negatively affect housing prices, respectively. To prevent housing bubble, the central and local governments should not only fight for wealth inequality, but also enhance land supply and housing supply.

Key words: wealth inequality , supplydemand elasticity , housing price